Pair falls despite the better data, the USDJPY falls below the 100 hour MA
The USDJPY has dipped below the 100 hour MA at 112.112. The dip in the pair is despite better than expected data and higher yields in the US. Stocks are projected to open higher with S&P implying a 13 point rise.
The price has tried life below the 100 hour MA earlier in the day, but it was rejected quickly. On Tuesday, the MA was broken but found support at the Sept 11 and Sept 12 swing highs and moved back higher at 111.65 (that is a target on more selling going forward).
Will this move buck that trend and develop more downside momentum?
In addition to the MA line, watch the 112.162 as a risk level. That was the swing high from September 14 (Friday) and was near the low from yesterday’s trading. Stay below is more bearish.
PS. a trend line stalled the rally earlier in the London session. On a rebound, getting and staying above that will be eyed. For now though, the sellers are making the early NY bias play.