USDJPY extends the week’s trading range

Technical Analysis

Stocks rising on US Mexico news helps the tone. Also runs away from 100 hour MA

The USDJPY has been mired in a 66 pips trading range for the week. 

Well that range has been extended thanks to a run higher on the back of a break (with momentum) of the 100 hour MA at 108.186, and news that US/Mexico were working on a deal that would boost Mexican immigration enforcement (some 6000 border guards), and give the US more latitude to deport asylum seekers.  

Stocks have move higher (once again) on hopes the tariffs won’t be enacted on Monday (Nasdaq is up 0.58%. S&P is up 0.75% and Dow up 0.78%).  Bond yields in 2 year are higher although 30 year yields are lower. 

For the USDJPY, the price moved to a new session and week high at 108.53, taking out the prior high at 108.48.  The next target is at 108.615 (38.2% of the move down from the May 30 high), and then the 200 hour MA at 108.79.  Close risk now is 108.40 (but I would expect 108.44 to find buyers on a little dip).

The USDJPY has been looking for a reason to run higher.  THis should be it (I would think). 

ForexLive

Products You May Like

Articles You May Like

Steven Mnuchin begins reforming America’s giant mortgage-guarantee firms
LIVE FOREX TRADING: SCALPING GBP & GOLD 🔥17/09/2019
Gold Price Outlook at a Crossroads, Make or Break Time
Next: Japan August CPI
Pound Loses Ground after Retail Sales – 19 September 2019

Leave a Reply

Your email address will not be published. Required fields are marked *