200 day moving average at 108.457
The news on the coronavirus been transmitted person-to-person the US has helped to send the stocks lower,gold higher, interest rates lower, and the USDJPY lower.
Looking at the daily chart of the USDJPY, the pair is trading 2 new session lows at 108.59, and away from its 100 day moving average at 108.705. The next downside target comes in at the 200 day moving average at 108.457. That is near swing low levels from December as well (key target level).
Below that targets and outputs open trendline currently at 108.10. The 38.2% retracement of the move up from the August 2019 low comes at 108.05.
Now that the prices back below the 100 day moving average for the 3rd hourly bar in a row, and we've reached new day lows, traders will get increasingly frustrated if the price were to rebound back above the level. So keep that level in mind as a risk defining level (once again).
Of course much is dependent upon things like stocks, and the headlines. The World Health Organization will have a press conference starting at 1:30 PM ET. That will also be a potential influence for this currency pair (and other markets)
