Technical Analysis

USDJPY stalls near an upside trend line ahead of the US stock opening.

Equities in the US are expected to open higher 

The US opening bell is forthcoming with gains expected (but off earlier levels). 

The USDJPY is higher in anticipation. 

Technically, the pair move off the 100 and 200 hour MAs in Asian session.  Both MAs converged at 112.30 area. The low reached 112.34. That hold was a clue to push higher (risk was defined and limited there).  

The move higher did find a stall point near a topside trend line on the hourly chart and has come off with the softer opening (at least from pre-market highs). 

The price is trading above and below the broken 38.2% retracement at 112.735 now.  That is also near the high from last week (Thursday) at 112.71. If the price starts to trade more comfortably below that level, look for a move back toward the lower trend line (at 112.50), and 100 hour MA (at 112.406) 


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