Nasdaq stocks gettting hit
The USDJPY is running to the downside as the US stocks hit the skids. The Nasdaq is now trading down -0.86% on the day. The S&P is down -0.45%. The Dow is down -0.38%. There seems to be some profit taking before year end in the tech sector.
The fall has helped to push the USDJPY lower. The pair broke below the 50% retracement of the move up from the December 11 low at the 109.076 level and tends run down to 108.85 so far (the 61.8% retracement at 108.928 is also been broken).
The next major target comes in against its 200 day moving average. That level comes in at 108.682 today.