USDJPY rolls over with the stocks

Technical Analysis

Author: Greg Michalowski | usdjpy

The floor has been broken

The USDJPY has rolled over with the roll over in stocks and fall in yields.  The S&P index is now down -20.1 points or -0.63%. The NASDAQ index is down -58 points or -0.63%

The floor has been broken

For the USDJPY, the pair fell below its floor level at 110.336.  That triggered stops and push the price down to a low price of 110.05.  The price also reentered the non-trending sideways market that prevailed from February 6 to February 19 in the 109.52 to 110.129. If the price can stay below the 110.129 level, a rotation back toward the middle and low of the range cannot be ruled out.  

Risk now that the floor was broken, is now at the floor (the floor becomes a ceiling). 

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