The march lower continues in the pair.
The USDJPY fell each of the days last week. Although the market trended, there were steps lower, with corrections. However, each day, the price moved lower and lower.
Today is the 6th day if the price can stay below 104.54. The price is currently trading at 104.42 after just spiking up to 104.465.
Looking at the hourly chart, the pair is testing a topside trend line at 104.42 (the price did tick above that level to 104.46 but has moved just below the level now). A move above would be give buyers some more control, with the low from Wednesday at 104.516 and the close from Friday at 104.54 as the next targets. Turn positive and it can lead to more short covering (after 5 days down).
The low today did reach the lowest level since March 12, but did fall short of a lower trend line (currently at 103.86 and moving lower). The low price reached the natural support target at 104.00 (the low came in at 103.995 actually). The move lower took out the low at 104.18 from July 31.
