Trades below the 104.77 target on the 4-hour chart
The USDJPY has continued its run to the downside today helped lower by falling stocks (flight to the "relative safety of the JPY). After a very narrow 59 pip trading range last week, the range has now moved to 164 pips currently with each day moving lower.
Technically,the price did move higher initially in the Asian session, but found sellers within a swing area between 105.0979 and 105.289. The high price reached 105.16, before reversing and marching a lower. The low price has now extended below the 104.77 level. That was near the lows from yesterday's trade and also below the swing low going back to July 29. That level is now risk for shorts. The next target comes in at the July 31 low at 104.18.
