Reacting to stock fall
The broad US stock indices are now in the red and trading near low levels, and that has helped to lead to fall in the USDJPY.
The USDJPY is trading at the lows for the day at 110.46 (was the low in the early Asia-Pacific session too). The next target is the low from yesterday at 110.32.
Looking at the daily chart below, the USDJPY reached a high today of 110.977. That was just below the 50% retracement of the move up from the September 2017 low. Staying below kept the tilt more to the downside from a technical perspective. The next downside target on the daily chart (after the low from yesterday that is), comes in against the 61.8% retracement at 110.145.
