Lowest level since Jan 16
The USDJPY is moving to new session lows as stocks open mixed.
Looking at the hourly chart below, the pair has now moved below the 61.8% of the move up from the January 10 low> That comes in at 108.615. The January 14-17 swing highs and lows show 108.68-76 as a swing area just before the run higher. We are below that level with a NY session high reaching 108.67. Sellers? It seems that way. Stay below keeps the sellers more in control today.
For today:
- Watch 108.615. 61.8% retracement
- A move above 108.76 would give shorts some concern for a bigger move higher.