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Trades at lowest level since June 26
The USDJPY has traded to a new session low at 10968. The low took out the August low at 109.75 and traded to the lowest level since June 26th in the process.
The 50% of the years trading range comes in at 109.572. The low for the year was on March 26th. The end of year 2017 closing price was at 112.65.
Drilling to the hourly chart, the pair has been able to keep a lid on the pair near a topside trend line. That trend line comes in at 110.48. The 100 hour MA comes in at 110.546. Below that is a lower trend line at 110.22. There is a floor at 110.124 area. If the buyers cannot take the price back above those levels (one level at a time), the sellers remain in control. A move above each, gives the buyers more hope.
The US broad indices have given up their gains with the S&P index trading above and below the 0 line. The Nasdaq is trading down -8.5 points to 6575 after being as high as 6659.96.