USD/JPY breaks below key levels, but follow-through elusive

Few stops below support

USD/JPY as traded as low as 111.55, a drop of 89 pips on the day.

More importantly, the decline took out the October low, the 200-day moving average and the 100-day moving average.

Those are some big levels but the market is hesitating to dump the dollar further. Surely, a big part of that is the pending US holiday. It's also a reflection of the disbelief in this pair. The correlation with rising stock markets is completely broken and the market is net long according to the CFTC report.

I'm skeptical too, but you just can't argue with technicals like this. It's looking like it will be a very interesting final month of the year.