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USD/JPY slips to near two-month low as equities sentiment continues to sour


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USD/JPY looks to threaten the 112.00 handle now


ForexLive

The wheels are falling apart here for risk trades as USD/JPY now looks to threaten a break of the 100-day MA (red line). Sellers have been on edge over the past few days awaiting for a good reason to build conviction to break the key support level and the Fed and Powell may be the straw that breaks the camel’s back.
Price is now trading close to 112.00, the lowest levels since the end of October. The Nikkei’s fall today isn’t helping with that cause and the technical chart there doesn’t look too pretty either.
As buyers lose control of the bullish momentum in USD/JPY, expect a fall below 112.00 to trigger further stops and accelerate declines moving forward. The tricky part in all of this is that the break comes as we are set to enter into a period of low liquidity with the holiday season coming up.
That will cause for a bit of technical uncertainty as you can’t really read into moves that happen during such times.

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