USDJPY dances around the 100 hour MA as it awaits the US stock opening
100 hour MA at 109.568 currently
The USDJPY topped out near the double top from one week ago (at 110.045). Technically, the failure to get above, gave sellers more confidence to sell and the price has moved lower helped by falling stocks in Europe.
We are a few minutes away from the US opening. The expectations are for a -200 or so point decline in the Dow. The S&P is looking down about -21 points (implied by futures).
For the USDJP, the pair is toying with breaking the 100 hour MA at 109.568, but it seems to want to see the stock opening and make some judgment on the bias there.
Yields falling are also hurting the USDJPY.