Trades above and below 100 hour MA The USDJPY is trying to find it’s way post the better than expected PPI data today. The pair traded below its 100 hour MA at 113.55 before the data, moved back above after the data, but only to a high of 113.60. The price is now back below the MA level at 113.486. The low for the day stalled at 113.437 before the data. The low after the data has only reached 113.445. So there is some reluctance to go lower and reluctance to go higher too. The barometer for bullish and bearish is the 100 hour MA line.
US yields have moved off lows since the report. The 10 year yield reached a low of 2.3859%. It currently trades at 2.398%. That is still down -0.7 bps on the day. The 2.40% level is a key technical level to get and stay above. Higher rates have been supportive to the USD and the USDJPY generally speaking.
US stocks are expected to open lower. Dow futures are down -75 points. S&P futures are down -9.25 points and Nasdaq futures are lower by -18.25 points as the stocks prepare to open.