USDJPY falls to a new September low
The USDJPY had a 59 pip trading range last week. That was the 2nd lowest trading range this calendar year (57 was the lowest range). The non-trending market tends to transition to a trending market (see post from over the weekend).
The pair has trended lower today after holding below its 200 hour moving average and 100 hour moving averages above. The price has more recently broken below the low from last week at 105.782 (that is now close risk for shorts) and the September 1 lows (lows for the month) at 105.585 on its way to a session low of 105.537.
The range for the day has now extended to 62 pips above the entire range for last week’s trading.
The non-trend market from last week has led more to a trend market today. The bears are making the play. Should momentum continue to the downside, the low price from August 31 at 105.28 and the low price from August 28 at 105.193 would be downside targets.
