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Forex technical analysis: USDJPY follows the dollars move

Stocks/oil looking more favorable

The US stocks are open and the dollar is being helped by as expected CPI data, expectations of the FOMC hike and a better tone in the stock market (throw in oil as well).

The stocks are higher with the S&P up 1.10% in early trading. The index is also back above the 100 day MA at the 2029.52 level. Keep that level in mind.

The higher opening in stocks is also being helped by higher oil which is up 1.98% and moved just above the $37.00 level. Yesterday, the $35 level was being broken.

For the USDJPY, it is now moving above the 100 hour MA at the 121.33 and trend line resistance at the same level. A key level above comes against the 100 and 200 day MAs which are basically on top of each other at the 121.58 level. The 38.2% of the move down from the Dec 7 high comes in at 121.53. If the price can move up toward that level, there should be some trader interest (with risk defined and limited).

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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