The data out over the US today was mostly on the weakest side:
Philadelphia Fed nonmanufacturing tumbled to -32.5 from -13.1 last month Consumer confidence came in at 92.9 versus 94.0 and 100.1 last month.New home sales came in about as expectedRichmond Fed was lower at -4 versus +6 lastmonthUS yields which were higher across the curve earlier today are now mostly lower:
The USDJPY, already trading lower on the day, extended its losses further as U.S. yields declined and a key technical break added downside momentum. On the 4-hour chart, the pair fell below a key swing area between 150.11 and 150.28, and also dipped under the 200-bar moving average, currently around 150.00. This break below both technical and psychological support has shifted the near-term bias more firmly to the downside.
It's worth noting that just yesterday, the pair had climbed above the 200-bar MA on the 4-hour chart for the first time since January 27, but that move proved unsustainable. As a result, the 150.00 level now acts as a key intraday resistance. Staying below it keeps sellers in control, and traders will be watching this level as a risk marker for short-term positioning.
To the downside, attention now turns to the 100-hour moving average at 149.48 (blue line on the hourly chart below). Just below that lies the 200-hour MA at 149.17 (green line below), which provided solid support on two separate occasions last Friday. A break below these hourly MAs would further solidify the bearish momentum and open the door for a deeper pullback.
This article was written by Greg Michalowski at www.forexlive.com.Hence then, the article about weaker data sends yields lower and usdjpy below ma support was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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