Forex technical analysis: USDJPY extends range to the downside
Falls below 112.208 level
The USDJPY is cracking below the 112.208 -31 area. This is the 3rd test below what was a floor area. On Tuesday, the low extended to 111.98. Yesterday the low extended to 112.07. The low just reached 112.12. A lower trend line on the hourly is being tested at that level.
The range is 36 pips for the day. The 22 day average is 81 pips. There is room to roam if the break is met with added momentum.
The next targets comes in at the 38.2% retracement at 111.94. The 200 day MA comes in at 111.793. The price moved above the 200 day MA back on September 25th and has remained above it since that break.
US yields are lower with the 10 year yield down -2.9 bp to 2.319%. The 30 year is down -3.1 bp to 2.8514%. The treasury auctioned 10 year notes yesterday and 30 year bonds earlier today. Both auctions had decent demand.