Both are up which is good for the pair. Breaking above 100 hour MA is also a positive
The USDJPY is continuing two tickets clues from rising stocks and rising yields.
The Dow is now up 472 points or 1.39% versus a fall -0.54% yesterday. The S&P index is up 65 points or 1.51%. Yesterday the S&P index fell -1.3%.
The NASDAQ index is up 234 points or 1.63%. That is still short of the -2.14% decline seen in trading yesterday.
Looking at the US yields, the 10 near yield is now up 5.3 basis points at 1.534%. That is at the high for the day and well above the 1.472% low for the day. The five year yield continues to move closer to the 1.0% level. It currently trades at 0.9861%.
Looking at the hourly chart above, the price moved above its 100 hour moving average at 111.33 and the swing highs from Friday and yesterday’s trading around the 111.30 level. That break led to increased buying momentum. The high price has reached 111.557 so far.
The next target comes in at swing highs from September 28 and September 29 along with the swing low from September 30. Those levels come between 111.63 and 111.703.