Swing are between 109.407 and 109.479 are being tested
The USDJPY has fallen to a new low as stocks slide.
The pair move off its earlier session low at 109.425, and ran up to test its 100 hour moving average at 109.639 (see blue line in the chart above). The subsequent move to the downside has taken the price back to the swing area between 109.407 and 109.479 (see red numbered circles). A move below that level would have traders looking toward the extremes from August and September. On Thursday, the low price reached 109.206. On Wednesday, the low price reached 109.11. That low was near the same low price is going back to August 16 and 17th open price (triple bottom at the level).
The declining stock market has given the sellers the go-ahead to push lower. The S&P index got within six – seven points of its 100 day moving average at 4328.57. The low price reached 4335.17 before bouncing modestly. That index currently trades at 4339.90