USDJPY breaks to new highs and above swing area.

USDJPY breaks to new highs and above swing area.

Risk is now 106.60

The USDJPY is making a break to new session highs and in the process, has moved above a swing area in the 106.597-687 area (see red numbered circles and
prior post here).  No surprise, the major stock indices are trading at new day highs in a big reversal of earlier declines. 

Risk for the longs, now comes in at the 106.597 area.  The next target is last week’s high at 107.00.
  • Gold has moved negative now after being up around $15-$16 at the day highs.
  • The Nasdaq is up 50 points or 0.73%.
  • The S&P is up 13.6 points or 0.49%. The pair is comfortably above its 200 day MA at 2591 (at 2626 currently). 
  • The 10 year yield is up 1.5 bp and the 30 year is up 1.9 bps. 
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