The 108.42-48 are being tested
As risk aversion creeps into the market (stocks are off highs, yields are moving lower and gold higher), the USDJPY is moving down to test the December lows at 108.42 to 108.46. The low for the day just reached 108.43.
Geopolitical concerns about North Korea and Iran are leading to the tumble lower.
Technically the pair moved below its 200 day moving average at 108.66 and buyers turn to sellers.
A move below the 108.42 level will have traders looking toward the rising 100 day moving average at 108.129. . The price has been above the 100 day moving average since October 10.
The JPY crosses are also getting hit.
