Taking out March lows
The USDJPY is trading to new fresh lows and in the process took out March lows. The low for March was at 110.71. The low has reached 110.529.
The next targets are the end of February lows at 110.34-419. The 50% of the move up from the January 31 low comes in at 110.310.
Close risk is a move back above the March low. That is also where a lower trend line was broken. There may be some buying (profit taking) on a break above those levels. A higher risk level is the 200 bar MA on the 4-hour chart (green line) at 110.89. Moving above that level, would raise some eyebrows and give sellers, cause for concern.
