Marching lower
The Trump issues in Washington, has sent the USDJPY lower in trading in today.
The breaking of the 100 day MA at 112.868 has been a catalyst for the move. We have moved back below the topside trend line that was broken last Monday. Sellers have taken more control. US yields are lower with the 10 year at 2.273%, down 5.2 basis points)
The low just moved to 112.21. The 38.2% of the move up from the April low comes in at 111.98. That is the next target for the pair. Below that on the daily, the 111.58-67 were the lows from February and also some swing level in March and April (thick red line). The 50% of the move up from the April low comes in at 111.245 (if things start to unravel).
Drilling to the hourly chart, the price action around the 111.78 level had some up and down activity around in at the end of April into May. That may be another hurdle from this chart. The 111.24 has the 50% of the move up from the April low and the 200 bar MA on the 4-hour chart converging at the level.
