The USDJPY is testing the key 200 hour MA and upward sloping trend line as US stocks open lower and are going lower still. US Bond yields are also under pressure with the 10 year yield at 2.20% vs 2.23% from earlier today. The Dow is down 171 point. The Nasdaq is down 62 points. The S&P is down 22 in early trading.
USDJPY tests 200 hour MA and trend line support at the 110. 38-436 area.
The 200 hour MA and the trend line come in at the 119.436 and the trend line comes in at 119.38 currently. A move below these levels should solicit more selling in the pair.
The pair just broke on the continued stock weakness. The 119.00 area is the next target support, followed by 118.782. The 118.72 is the 38.2% of the move up from the November 10th low (not shown).
