USDJPY reaches the 38.2% retracement of the last move higher and stalls the fall

As per an earlier post, the USDJPY USD/JPY The USD/JPY is the currency pair encompassing the dollar of the United States of America (symbol $, code USD), and the Japanese yen of Japan (symbol ¥, code JPY). The pair’s rate indicates how many Japanese yen are needed in order to purchase one US dollar. For example, when the USD/JPY is trading at 100.00, it means 1 US dollar is equivalent to 100 Japanese yen. The US dollar (USD) is the world’s most traded currency, whilst the Japanese yen is the world’s third most traded currency, resulting The USD/JPY is the currency pair encompassing the dollar of the United States of America (symbol $, code USD), and the Japanese yen of Japan (symbol ¥, code JPY). The pair’s rate indicates how many Japanese yen are needed in order to purchase one US dollar. For example, when the USD/JPY is trading at 100.00, it means 1 US dollar is equivalent to 100 Japanese yen. The US dollar (USD) is the world’s most traded currency, whilst the Japanese yen is the world’s third most traded currency, resulting Read this Term was targeting the 38.2% retracement of the last move higher from the end of March low to the high price reached on Monday. That level comes in at 127.495 (call 127.50). The low price reached 127.508 and has since the a bounce back up above 128.00 area. The current price is trading at 128.15.

Helping the bounce was a reversal of the sharp declines seen in the US stocks. Although the major indices are now negative/near unchanged (Dow is down, NASDAQ is near unchanged). The NASDAQ was down as much as -255 points or -2.25%. The S&P was down -58.68 points or -1.49% at session lows