200 hour MA and trend line yet to be broken
The USDJPY spent most of the NA session below the 104.075-104.15 area but above the 100 hour MA. That MA was broken in the afternoon session and remains below that MA. That is the bearish news. The not so bearish news is that the price remains above the 200 hour MA at 103.729 and the trend line connecting recent lows. That level comes in at 103.64.
If the price is to head lower still, the 100 day MA (remember that MA line) is down at 103.225. That - given the speed of the market of late - seems miles away. In reality it is only 61 pips away. The Dow is down about 50 points and the S&P is down about 5 points with about 45 minutes left in the trading day.
After the close stock earnings from Netflix, IBM and United Airlines will be reported. That is an eclectic bunch.
