USDJPY moves to new day lows. Looks toward 111.00 target

Technical Analysis

Author: Greg Michalowski | usdjpy

US yields moving lower after another good auction

The USDJPY is trading at new day lows and in the process are eyeing the 111.00 next target area. 

The 111.00 is a natural support level. It is also near the 50% of the move up from the September low at 111.02.  The low price from November dipped to 110.83, but could not close below that level. The lowest close going back to September is at 111.08. We have traded as low as 111.124 so far.

Looking at the 5 minute chart, the price is down testing the lower trend line.  A move below is more bearish and would open up a test of the 111.00-02 area.