Broke below November 2020 low at 103.170 and March 12 low at 103.066. Now risk levels for shorts

The USDJPY has broken below recent swing low levels. The 1st was the November 6 and 9 lows at 103.175 level. The 2nd was the break of the March 12 low at 103.066. Those 2 levels are now close risk level for sellers. Stay below keeps the bears in control.

FYI, the low for the year reached 101.170 as pandemic fear pushed the flows into the relative safety of the JPY.

Broke below November 2020 low at 103.170 and March 12 low at 103.066.  Now risk levels for shorts

Drilling to the hourly chart below, the price action today fell below the swing low from yesterday at 103.256. That level also remains a risk level for sellers. The low from Mondays trade reach 103.506.

If the buyers are to take back control, getting above those levels would be needed.

What are the targets on the downside?

A lower trendline on the hourly chart currently cuts across at around the 102.70 level. The low for the day reached 102.923 so far. On further selling look for that to be the next target.

USDJPY on the hourly chart