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USDJPY moves toward test of 111.00/04 area


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Last week’s low stalled at the 50% midpoint at 111.042

The USDJPY is moving back toward a test of 111.00 area after dipping down to 110.28 at the day’s low.

The 111.04 was the low from last week’s trading. That corresponded with the 50% of the move up from the March 25 low. Today the market gapped below that level but with the rebound in stocks after opening sharply lower, is helping the pair recover (shorts squeezed).   
Traders will be eyeing that level above for the another barometer for the day.   I would expect some hesitancy against the level because of the uncertainty. The market has the courage of 1000 matadors that something will be solved, but there is headline risk. 
We cannot predict when or what the headlines will be (we can speculate but really don’t know if CHina pulls out, Trump softens, Trump hardens, etc).  
Right now, the Nasdaq is testing the 100 hour MA at 8067.71 currently (blue line in the chart below).  Key test. The USDJPY is not running higher with the stocks move to highs….

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