USDJPY moves to a new session high | Forexlive

The USDJPY is testing the earlier high for the day at 136.46.

Looking at the hourly chart, the pair spiked higher after the Core PCE, but then quickly rotated to the downside. That move tested the swing highs from last Friday and Tuesday before restarting the run higher.

The move took the price through a topside trend line and to a high of 136.46. A modest consolidation/correction has now led to a push back higher. The 136.46 level is being retested.

On a break higher, traders will be looking toward teh 38.2% at 136.658. Above that the 200 day MA at 137.057 and the 100 day MA at 137..27 will be eyed.

Yields remain elevated and near highs for the day. The two-year is up 13.5 basis points. The five year is up 13.1 basis points in the 10 years up 9.0 basis points.

In the US stocks, after the NASDAQ index move back to retest its 200 day moving average intraday near 11407, the sellers returned and have pushed the price back to the downside.