Pushes above 50% finally
The USDJPY pushed above the 101.75 level (50% of the move down this week). The pair is now testing the 61.8% at the 102.00. The rise is steady - not rip roaring - but steady. The next stop is the 102.11 which were lows on August 1 (3 lows at that level on that day). The move higher has been helped by stocks in the US which are focusing on the strong jobs and not the prospect of Sep and perhaps Dec rate hike. The S&P index is up 0.70% and the Nasdaq is up 1.00% now.
There is room to roam. The high for the week after all extended to 102.82 earlier this week. The 200 hour MA is at that level.
The rise in stocks seems to also be benefiting the JPY crosses.
The EURJPY, GBPJPY and AUDJPY (trading at new highs) have reversed earlier declines.
