Stocks erase some of their losses

The Nasdaq index is now positive on the day (up 45 points or +0.52%). The S&P and Dow are still lower (-0.39% and -0.83) but well off lows too. Adam gives a contributing factor HERE.

Stocks erase some of their losses

That has helped to push the USDJPY higher. The price is moving above a swing area at 106.961 to 106.988 and the 38.2% of the move down from the April 16 high at 107.012. The next upside target is up at the falling 200 hour MA at 107.125. There should be some cause for pause against the area, but a break higher would have traders looking toward the 50% retracement at 107.215.