Cracks below the 104.00 level and trades the lowest level since March 12
The USDJPY – after an initial failed break – finally cracked below the September low of 103.995 (call it 104.00) and the end of October low at 104.018. The move opened the door for selling in the USDJPY, and the price has extended to the lowest level since March 12.
The price has moved to a low of 103.601. It will now take a move back above the 104 level to tilt the bias back to the upside.
Looking at the daily chart, the 103.995 to 104.18 is home to swing lows that ultimately would need to be broken on the upside to change bias back higher. On the downside on the daily chart the swing low from March 12 comes in at 103.06. With open road ahead on the daily chart, that would be a of the downside targets.