Support trend line eyed at 113.32
The USDJPY is trading back near unchanged on the trading day at 113.42.
The high price - reached in the London morning session - ran into the high from March 16 at the 113.81 level and backed right off (the high reached 113.796 - close enough). The low for the day also stalled at a "meaningful" technical level. It stalled at a lower trend line on the hourly chart. That trend line currently comes in at 113.33.
So the pair is positioning itself between technical levels before the Yellen speech later today (12:30 PM ET).
On a break lower targets include:
- 100 hour MA at 113.08
- Lower trend line at 112.67
- 38.2% of the move down at 112.597.
- 200 hour MA at 112.39 (green line). That is near a swing low from last Thursday's trading.
On the topside:
- 113.68 was the high from yesterday
- 113.81. The high from March 16 and near the high today at 113.796.
Looking at the daily chart, the pair has been consolidating with 110.50-111.00 as a low floor. A topside trend line comes in at 114.126. A move above (and staying above) would be more bullish as the pair consolidates over the last 1 1/2 months.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.