Lower on the day. What will stocks do
The USDJPY is staying below a topside trend line today. That comes in at 109.85 currently (and moving lower – see red circles).
I have put a lower trend line in connecting the most recent lows. That comes in at 109.52 currently (and also moving lower).
Below that is an even lower trend line at 109.08 (not shown – line outside of chart above).
Taking a broader look at the daiy chart. The price today moved below the March 25 low at 109.696 on the way to the low. A move back below and staying below that level will be eyed by traders now. We currently trade at 109.75.
If you ignore the flash crash from January 3rd, the 61.8% of the move down comes in at 109.372. That is a target on more selling today.