Weaker data from US and Trump keeps pressure on China in speech at UN.
The USDJPY is moving a lower after weaker data in the US and critcal (but familiar) comments from Trump at the UN about China. The headlines are not new. The stage is bigger though. Stocks have given up most of their gains on the news, but keeps in the black.
Technically, the USDJPY has moved below a swing area (at 107.425-513), a lower trend line and the 38.2% of the September trading range at 107.425. The price is trading above and below the 38.2% and trend line, but is keeping the 107.513 as a ceiling so far (i.e the topside of the swing area - yellow area). Stay below keeps the bearish bias. Move back above and the waters remain muddy.
On the downside, the low from yesterday comes in at 107.304, and is the next downside target. Below that 107.18-228 and the 50% of the September range at 107.102 are targets.
