Technical Analysis


The ups and downs continue

The USDJPY has moved a bit higher after the US GDP data.  A decent number at 3.5% led by consumption, but inventories and lack of business investment is a concern.  

Technically, the low for the day stalled at a lower trend line (currently at 111.845), and creates the lower extreme to get below for the bears (green numbered circles).   

Yesterday, a topside trend line (currently at 112.59) stalled the rally (red numbered circles).  

In between are the 100 and 200 hour MAs at 112.48 area.  

The price rise off the data took the price to a high of 112.189.  Flip a coin at this level. Much focus will of course be on the stock market again. 

The Dow futures imply a -256.  That is off the earlier lows but also off the post number high water mark which was still down a bunch. 

ForexLive



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