The swing lows from last week are being approached
The USDJPY as traded down and up and down again. Despite the rise in stocks (S&P up nearly 2% ), and rise in yields (10 year up 2.4 bps and 30 year up 5.0 basis points), the USDJPY is lower on the day.
The move to the downside, has the pair looking to test the swing lows from last week. Those levels come in at:
- 106.44 and 106.40. Those were separate swing lows from April 30
- 106.353. The swing low from April 29 and the lowest level since March 17
A move below would open the door for more downside.
