Tech leading US stocks lower.
The Nasdaq is down 0.66% and the S&P 500 down 0.38% after climbing in the first minutes of trading.
The negative sentiment is further weighing on USD/JPY after an initial selloff following a soft retail sales report. Watch the 100-day moving average at 119.27.
USDJPY daily with 21, 55 and 100-day moving avgs
Just below the 100-dma there is talk about strong Japanese demand in the 119.20/25 range with more solid demand at 119.10/00 with stops below. Those bids were undoubtedly forced into action on the downdraft in stocks but as I type, stocks are finding a base.
Beyond that is the April 3 low at 118.72.