USDJPY higher on the day

[ad_1]

A close higher would be the first after 5 days of declines

The USDJPY is trading at 104.71 and in the process is trading higher on the day (closed at 104.555 area on the bid side on Friday). A close in the positive would be the first after 5 consecutive days lower last week.

A close higher would be the first after 5 days of declines

The run to the upside saw stops triggered early in the session after moving above a topside trend line and the close from Friday. The run higher took the price to an intrady high at  104.889 before rotating back down to the downside (quickly).  The broken trend line did hold support however, and the price has moved back higher toward the falling 100 hour moving average at 104.798.  A move above that level and the 38.2% retracement at 104.874 should solicit more buying interest.  Stay below, and the sellers remain more in control.

For bank trade ideas, check out eFX Plus

[ad_2]

Read more…