Resistance/risk now at 102.649-828
The USDJPY is getting smacked lower and in the process has moved below the key bullish/bearish area at the 102.649-102.828 area (see prior post). The pair is currently testing /well breaking below the 200 bar MA on the 4-hour chart at the 102.26 level. The 101.91 level is the 50% of the corrective move higher seen in last weeks trading.
The market got a sniff bearish news (well it was a strong odor) and they are taking the dollar and running with it (to the downside for the greenback that is). All the major pairs are trading at dollar low levels.
This was the push to start the post summer run. Traders are back in their seats and having a go of it. Technical levels are being tested but be careful. It could still run further to the downside (or if it corrects, look for sellers on the corrections).