USDJPY retraces toward 50% of the weeks range
The USDJPY has moved to a new low for the day and in the process has moved back below the highs from last week between 136.91 and 137.095 (see yellow area in the chart above).
Technically, the price is also moving back toward the midpoint of this week’s trading range at 136.632. It is also moving closer to a cluster of moving averages including the 100 hour and 100 day moving average both at 136.435, and the rising 200 hour moving average at 136.33. The low price just reached 136.675 so far. A break below that cluster of support would tilt the ST bias to the downside for the pair.
Helping to push this pair lower is lower yields. The two year yield is now down to 3.2 basis points at 4.977% (after reaching a high of 5.08% overnight). The 10 year yield is down 6.8 basis points to 3.907%.
The EURUSD has seen recent upside momentum as well (lower USD). It moves up toward the low from last Wednesday at 1.0564. The pair moved to a new cycle low today, but could not sustain downside momentum.
EURUSD moves up to the swing low from last Wednesday