Holds the line on the first look

The USDJPY has moved back below the 113.00 level. Earlier, the price reached a low of 112.72. That low stalled near the swing low from December 5th (at 112.82) and the lower channel trend line on the 4-hour chart. Keep an eye on that support level.

The USDJPY has corrected about 590 pips from the highs. Even still it is short of the 38.2% of the move up from the election day low. That level comes in at 111.98.

Look for buyers against the trend line on another dip toward that line with stops below.

US stocks are opening down with the S&P down 5.7 points or 0.26%. The Nasdaq is down -20.6 points or -0.36%. The Dow is down about 40 points. US bond yields have moved lower since earlier in the NY session with the 10 year down 7.4 bp now and 30 year yields down 6.6 bp.