USDJPY moves to new session lows as Wall Street stocks tumble

Technical Analysis

Author: Greg Michalowski | usdjpy

Looks toward underside of broken trend line

The USDJPY is trading to a new session low and in the process has broken back below the old gap (which was filled last week) at 110.85-111.06 (see daily chart below).  The price is now approaching the 38.2% of the move up from the end of January/early February low  and the underside of a broken trend line at the 110.72 area.  A move below that will next target 110.263 on the daily.  

Looks toward underside of broken trend line
Stocks move lower on the open. I saw the Nasdaq down -4% but is now down -3.57% in volatile trading. The Dow got close to down -1000 but is down -852 now. 
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