Stocks dipping to session lows
The USDJPY has dipped to new session lows as the US stock market also gives up gains (and trades in the red for the S&P and Dow).
The S&P is now down about -7 points at 2809. It was as high as 2825 at the high. The Dow isdown -85 points. The Nasdaq is still up 7 points at 7679 but was up at 7732 at the highs.
The USDJPY is approaching a break area from yesterday at the 111.54-59 area. The 38.2% of the move up from the low comes in at 111.547. That is a support level that should find some buyers. A move below would give traders some cause for pause, with the 100 hour MA a target.
Of course there is event risk with the FOMC decision ahead.
PS. If there is a rally off the FOMC decision, SEE EARLIER POST that spoke to the importance of the 111.98-112.05 area as a key level. It remains important through the FOMC decision at 2 PM ET.
