Technical Analysis

USDJPY runs lower as stocks skid

Nasdaq stocks gettting hit

The USDJPY is running to the downside as the US stocks hit the skids. The Nasdaq is now trading down -0.86% on the day. The S&P is down -0.45%. The Dow is down -0.38%.  There seems to be some profit taking before year end in the tech sector.

The fall has helped to push the USDJPY lower. The pair broke below the 50% retracement of the move up from the December 11 low at the 109.076 level and tends run down to 108.85 so far (the 61.8% retracement at 108.928 is also been broken).  

The next major target comes in against its 200 day moving average. That level comes in at 108.682 today. 

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