After a failure to break out the top of the short term range we’re having a go at the bottom as the flight to safety continues.
USD/JPY is breaking through support at 101.87 and the crosses are looking decidedly nervous.
USD/JPY daily chart
The next level of support from here is at 101.60 which also holds the 100 dma, 101.53, the 17 Feb low at 101.37 and the stronger stuff down at the 100.70/80 area which contains the Feb lows, Feb 2013 support line and weekly & monthly support.
As I write we’re falling further through 101.80 to 101.73. For now we can forget about the pattern we’ve been in as the moves to safety is gathering pace. In such circumstances it may be wise to look to the longer term and stronger support/resistance levels as the short term stuff isn’t going to hold up if this starts to snowball further.
