While the dollar got stronger against EURUSD, GBPUSD, etc. The USDJPY is watching the show
We are seeing the EURUSD move lower. The GBPUSD move lower. The AUDUSD is trading below the 100 hour mA at the 0.7609 level now (first time since last Friday US employment day) the USDJPY is sitting....and watching.
Technically on the hourly chart, the pair tested a topside trend line in the Asia-Pacific session and moved down to test a lower trendline. Traders have been using that line for support but the upside has been limited as well.
Drilling down into the 5 minute chart the pair the price action is choppy. The price did hold support against the 200 bar MA (green line) on the last test. Is it as easy as get and stay above 106.00? Maybe.
For the time being, the traders seem to be respecting the high test and sell off but also the trend line below.
