New lows as stocks continue slide
The USDJPY is going out at the week’s lows for the London/European traders.
Looking at the hourly chart, the pair cracked below the lows from Tuesday and Wednesday at 105.480 and 105.513 respectively. We currently trade at 105.35.
Looking at the 5-minute chart, as per the earlier post, the 100 bar MA has done a good job of stalling the rallies in the London/NY session. That also helped to give sellers to “go ahead” to probe lower.
Going the other way and looking at the weekly chart, the price has moved below a trend line that I have crossing at 106.48. Last week, that line stalled the fall The next targets come in at the flash crash low from January at 104.87 (I use Bloombergs low). Below that the March 2018 low comes in at 104.60. Bearish.