Stocks close near session lows. The USDJPY fell below the lows for the day, filled the gap from Friday at 113.56 and scooted down to a low of 113.238. The pair stalled between the 113.19-25 area. That is the swing levels from Sept 27, 28 and October 3rd. On Friday, the market based near the level (red circle 4) before moving up to the high at 114.09 today. The 38.2% of the move up from last week’s low comes in at 113.158. That too is in this area.
Stocks are going out near low levels for the day which is contributing to the negative USDJPY feeling. The Nasdaq is down -42 points or -0.64%. The S&P is down -10 points or -0.40%.
Do buyers come in against the area? Or do we go further and test the 100 hour MA?
On the topside into the new trading day, the 113.432 will be a level to get back above now. Above that the double bottoms at the 113.60-61 area will be a target.
The waters are a little more muddy as the trading day comes to an end