Bouncing off December 6 and Dec 10 lows
The USDJPY fell steadily in the Asian and into the European session.
The fall took the pair’s price down through the 100 day MA (key technical level at 112.382 today) and to a familiar spot – the lows from December 6 and December 10th at 112.235. The last few hours have seen a modest rebound that has taken the price back above the 100 day MA level. Buyers are building a case for a rebound off the triple bottom and above the 100 day MA (close risk for buyers now). We currently trading at 112.48 – a new high for the NY session.
Traders – looking for more of a rebound now – will use the 100 day MA as a risk level. The 112.235 has also defined a stronger floor with 3 points on that line now.
On the topside, eye the 112.57-657 as a level to get above for more bullish bounce. That area was home to some swing levels going back to Dec 4.
US stock futures are pointing to a higher opening in 20 or so minutes.