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. Read More Details
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