Stalls near 100 bar MA, but stocks moving lower pressures the pair back down
The US stocks have been sold from the "get-go" with the Nasdaq now down over -1% and the S&P down -0.81%. The Dow is down -151 points or -0.65%.
The USDJPY is following the stocks lower on the flight into the safety of the JPY (risk off) trade. The EURJPY, GBPJPY and other JPY crosses are falling with it.
Technically, the 100 bar MA on the 5-minute chart stalled the rise. There was a trend line on the 5-minute chart that also stalled the rise (see chart above).
It is a nervous market with stocks calling the shots for the time being. Expect volatility.
