The decline in the US stock market and the fall in yield has the USDJPY moving below are as well. However, it has now reached a key swing area target. That level comes between 145.90 and 146.514. The low price just reached 146.53.
The area will test the seller’s conviction. Can they get below the level and opened the door for further downside momentum? Or will buyers put a toe in the water against support, with a stop below the low of the swing area?
In the above video, I also take a look at the S&P index as it tests and breaks below key target area.
This article was written by Greg Michalowski at www.forexlive.com.
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