Not doing a lot in the NY session so far
The USDJPY has been moving up and down in the NY session (about a 19 pip move). For the day, the pair is still lower and hanging near the lows for the day.
Looking at the intrady 5 minute chart, the pair for most of the London session, has stayed below a trend line and the 100 and 200 bar MAs. Those levels come in at 105.89 to 105.835 currently. For traders, that is as good as any risk/bias defining level as any. Stay below is more bearish.
Taking a broader look at the hourly chart below, the falling 100 hour MA caught up to the price yesterday (following the double bottom rebound from Tuesday and Wednesday’s lows – give or take a few pips). Staying below is more bearish. That MA comes in at 106.11.
We currently trade in the middle of the range defined by the lows at 105.50 area and the 100 hour MA (and trend line) above at 106.11. So it can be more neutral, but with the view from the 5 minute, the bias is still more bearish. There is work to do though with a break of the double bottom, the key target now.
Trump’s comments on China meetings potentially being cancelled is resonating more in the markets now….Stocks at lows and yields moving lower as well.