USDJPY moves back to the downside and below its 200 day moving average

USDJPY The USDJPY rally stalled today at 38.2% As stocks rose and yields fell, the US dollar weakened. USDJPY is back below the 200-day moving average of 13 .506. A break below today’s level would mark the first time the pair has closed below it since February 23, 2021. USDJPY rose after a stronger-than-expected jobs report. However, momentum waned near the 38.2% gain in the weekly trading range. This level is 136,009. The high is 135,997. Since then, the price has declined and has now moved back below the 200-day moving average of 13 .35. At the beginning of the day, the lowest price was 133.611. This is the next goal where the pace continues to drop. Below that, the 50% midpoint of the 2022 trading range intersects at 132.70, followed by a range from 131.2 to 131. 83. This range corresponds to the highs and lows of growth in April, May and June (see the red numbered circles in the daily chart below).

James Rogers

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