USDJPY tracks lower as stock selling continues

Technical Analysis

Author: Greg Michalowski | usdjpy

Nasdaq down over 2%.  Dow down -367 points

As the stocks continue to slide with the Nasdaq back down testing the lows (and down over 2% on the day) and the Dow down around -370 points, the USDJPY has slid lower. 

The pair is targeting the low from September 27th at 112.55 and the 50% of the move up from the September low (start of the pairs move higher) at 112.457.  That area is also near the some swing lows and highs from the 2nd half of September (see red circles in the chart above).  

Carnage in the street.

Some big losers:
  • Twitter down -6.85%
  • Nvidia down -4.71%
  • Boeing down -3.94%
  • Microsoft down -3.21%
  • Amazon down -3.18%
  • Alphabet down -2.60%
The Nasdaq is approaching the key 200 day MA at 7499.35 today. The low just reached 7570.86 - still a distant away but getting closer. The price has not been below the 200 day MA since July 2016. 
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