Moves away from 100 day MA
The USDJPY waffled around the 100 day MA for most of the trading day. That was lower from the close yesterday (at 110.76). With stocks trading at/near lows, the USDJPY has seen more risk off lows into the JPY. The GBPJPY and EURJPY are also making new lows in the last few minutes of trading.
Drilling to the 5-minute chart, the pair in the NY session did stall at the 200 bar MA (green line in the chart below) currently at 110.65. That kept shorts more in control intraday. The fall lower has now moved below a lower trend line at 110.49. That is a close risk bias level.
If the price today were to get back above the 38.2-50% area at 110.567 – 619 area (and the falling 100 and 200 bar MAs (throw in the 100 day MA), the sellers now would likely be spooked. The price should not trade back above those levels if the selling/bearish tilt is to continue.
Stocks are currently off the lows but have fallen away from higher technical levels. Looking at the Nasdaq index, the high today stalled just ahead of the 100 hour MA at 8076.36 (high reached 8071). The 200 hour MA comes in at 7966.304. The price of the Nasdaq has not traded below its 200 hour MA since March 11.