It was good times for the bulls until double top and some weak ISM data
The USDJPY reached up to test the September 18/19 highs at 108.471 in the London and New York morning session. Then the ISM manufacturing data came out much weaker than expected (10 year lows) and the price tumbled lower.
Looking at the hourly chart, the trend line was broken at 108.03. The 100 hour moving average was broken at 107.90. Then the 200 hour moving average and 100 day moving average were both broken at the 107.76 area (they are converged there).
The last 3-4 hours has seen the price trade mostly below those twp moving averages. The current bar did peak just above the moving averages but is back below the level. Stay below keeps the sellers in firm control. move above and the 100 hour MA may be revisited
Helping to keep the selling pressure is lower stock and lower yields in the US. However, stocks are off the lows with an hour to go in trading and so are yields..
The S&P is at 2945.93, down -1.03%. The low reached 2938.70. The Dow was down -347 points at the low at 26569. It is currently at 26624 down 2-86 points.