USDJPY falls below 112.00. Other pairs lower.
The US 10 year is trading near lows for the day. US stocks are lower as well. That - along with some negative technicals - has sent the JPY pairs lower/the JPY higher against all the major pairs.
USDJPY
The USDJPY has succumbed to the 111.98 level - the 38.2% of the move up from the Election Day low. The lows last week stalled at 112.06 and 112.04. Earlier today, the 111.98 was tested and held. Not the 2nd time. That level was broken and the price tumbled to 111.64. The next target comes in at the 111.34 where a swing high and swing low from November defined risk.
GBPJPY
The GBPJPY has broken below it's 200 day MA today at 140;76 and just fell below the next target at 139.627 (61.8% of the 2017 trading range. The next target for this pair is the 138.89 to 139.116 area which has recent swing levels from Jan 12, 13 and Jan 18th (see yellow area in the chart above.
EURJPY.
THe EURJPY has traded mostly in a box since early December. The low of that box comes in at 120.90. Today the price moved outside that box.
The selling has taken the price below the Jan 17th low at 120.54 (now close risk for sellers) and 120.15 which was a swing high from November 25th. The next target is 119.70 which is the 38.2% of the move up from the Oct. 21 low. A move below that looks toward 118.67 and then 118.347 should the sellers keep the pressure on the pair (watch 120.54 now as resistance). . .
CADJPY
The CADJPY has the largest % change today at 1.26%. Looking at the 4-hour chart, the price has moved below a support area where most of the activity has traded above since early December (between 85.587 and 86.00). That is now risk for shorts. There is more work to be done with this pair with the low from Jan 23 at 84.79 the next target to get to and through. A move below that level and it would open up more of the downside.
Close risk is the 85.587 now with 86.00 another risk level for shorts now.
