USDJPY is back below the 107.00 level
The USDJPY is trading back lower with the pair trading below the 107.00 level and a swing area just below that natural level. The pair rose yesterday, after yields and stocks rebounded into the NY afternoon, but stalled just ahead of the 50% midpiont of the move down from the high last week at 107.47.
Today, the pair moved below the 200 bar MA on the 4-hour at 107.153. That also helped to tilt the bias back down. For traders looking for more downside (and short), the 200 bar MA is a close risk level for the pair today. Stay below is more bearish. Move above is more bullish.
The NASDAQ composite index is trading near session lows at 7859. That is down 96 points or -1.21%. The S&P index is also trading at lows, down -33.4 points or -1.4%.
In the US debt market the 2 year yields are down 3.8 basis points while the 10 year yields are down 4.4 basis points. This helps to weaken the USDJPY.