Trend line cuts across at 100.86
The USDJPY has move below trend line support at the 100.86 level. Now the low has only made it to 100.81 so far but the dollar selling has shown little support so far. Traders should therefore tread carefully on breaks.
The range for the day has reached 200 pips. The 22 day average is 152 pips. SO we are above the average by 50 pips (or 33%) but before buying you still want to see the failure. It is hard to pick a bottom.
US stocks are trading lower and are near the lows for the day. This - along with thoughts the stimulus enacted over the last week from the BOJ and PM Abe is not enough - is leading to the stronger JPY. It is the strongest currency on the day. Against the USD, the JPY is up by 1.47%.
