The USDJPY tests topside trend line and trades near session high

Technical Analysis

Buyers take price above converged 100 and 200 hour MAs

The USDJPY has moved higher after an earlier attempt to extend to new session lows (in the Asian session) fizzled quickly on the initial break.  

More recetnly, the price has been able to extend above a swing area at the 108.44-47 area and the converged 100 and 200 hour MAs at 108.529.   Those levels are now close risk levels for the buyers. Stay above is more bullish.

The high price has stalled near a topside trend line at 108.59 .  A move above is another step in the bullish direction for the pair and will have traders looking toward the high from Friday and yesterday at 108.717 level.   

Get above that and the high from last week at 108.93 and the 200 day MA at 109.04 would be the next upside targets. 

Buyers are making the dominant play in trading in the NY session so far.  

In related markets, the US yields are still lower but off the lows for the day.

The US stocks are trading in the black after earlier declines in the S&P and Nasdaq indices.  The S&P is up about 5 points. The Nasdaq is currently up about 6 points. 

ForexLive

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