Stocks set to open
As stocks get ready to open, the USDJPY has moved back higher and retests a floor area in the 107.317-36 area. The price has been above that area since May 19. Earlier today, momentum took the price below that area on its way toward the 50% retracement of the move up from the may load to the May high. That midpoint level comes in at 107.03. The low for the day reach 107.061 so far.
Decision time for the buyers and sellers intraday. It is the break level to sell against and back to the downside, or higher from here after testing the 50% retracement?
US stocks are opening mixed with the NASDAQ up marginally but the S&P and Dow are trading lower.