Below the 50% retracement
The USDJPY is printing fresh lows and trading at the lowest level since Feb 12th. The pair is below its 50% retracement of the move up from the end of January low at 1110.31. The Feb 15 low at 110.218 was briefly broken. Get and stay below that low would be more bearish.
This week, the pair moved sharply lower on Wednesday (FOMC) and bottomed near the 50% retracement yesterday. The rally yesterday - helped by rising stocks - tested the 200 bar MA on the 4-hour chart. Staying below, kept the sellers content. The downside today is being helped by weakening stocks. The Dow is currently down -163 points and Nasdaq down -29 points. That is near pre-market low levels.
