USDJPY falls to session lows after falling below trend line triggers more selling

Technical Analysis

Author: Greg Michalowski | usdjpy

Fall takes the price below trend line

The USDJPY has been testing and bouncing "near" thelower trend line on the hourly chart. Earlier today, there was another test of the area, and bounce. Admittedly some of the "tests" have taken the price below the line, but momentum did not materialize.

Well, finally there was been a break with momentum, and the pair is running lower.

 US yields are moving back lower.  The tenure is down -2.8 basis points at 2.347%.  US stocks are moving lower as well with the S&P down -0.18%, the NASDAQ -0.12% and the Dow Jones industrial average down -0.39%. 

Looking at the daily chart, the price is moving down toward the 100 and 200 day MAs.They are converged at the 111.72 level.  That level is a key, key level for the pair and for bulls and bears.