USDJPY falls back below old trend line

Technical Analysis

Author: Greg Michalowski | usdjpy

Ups and downs continue

The USDJPY has moved back down - helped by tumbling stocks and technicals that rolled back to the downside. 


At the start of the NY day, the price stalled against the 200 hour MA (green line).  The price was above a broken topside trend line, but when that was broken, and the price started to find sellers against the 100 hour MA, the selling intensified. 

The move lower, has now rebroken trend lines including a lower line that has been broken three times now. The importance of the line - even in it's failures - is it sends prices lower on breaks below, and higher on breaks back above.  This is the third look below (line cuts across at 105.93). Is it now a ceiling and can the price extend further?  

The S&P is now down -51. points or -1.86% at 2701. The low reached 2697.54.
The Nasdaq is down -2.50% or -186 points at 7295.41. The low reached 7285.72.

It's ugly in the equity markets. Will that run over more into the USDJPY and JPY currency pairs? 

Watch 105.93 area now...