USDJPY falls below trendline at 103.76
The USDJPY is also well below its lower trendline on the hourly chart at 103.76. The pair is trading towards a new low session. The next target is between 103.56 and 103.60. A break below this level places the pair in the lower extremes for the month of November. The low for November 6 and November 9 came in at 103.176.
Looking at the daily chart below, the November low fell below an oscillating low dating back to March at 103.066. This level will also be targeted.
Today’s downward movement also extended below the July-September-October swing lows between 103.99 and 104.18. This increases the bearish bias. The risk of the daily chart is back above this level. Staying below is more bearish
The extension to new lows increased the USDJPY range for the day to 54 pips (up from 41 earlier). This is still below the 70 pip average seen over the last month of trading.