USDJPY moves to new session lows

Technical Analysis

Author: Greg Michalowski | usdjpy

Stayed below the risk above

In an earlier post, I outlined the risk defining trend line level. The price had moved back below the line. It was time for the sellers to "step up" and keep the pressure on to the downside.


The sellers stepped up and pushed the price to session lows.  

The sellers took the price below trend line support on the daily at 109.44 and down to the 109.26 target (swing low from June 15th - low reached 109.25).  There has been some profit taking after the 44 pip extension lower.   The bounce off the low has moved back up to the broken trend line but remains below the level. 


Stocks continue to be pressured with the S&P trading near the lows at 2451 down -0.90%. The Nasdaq is also trading at the lows at 6264.69, down -1.42%. The Dow is down -118 points or -0.53%.