USDJPY moves to the lowest level since May 16

The USDJPY continues its run to the downside and trades to the lowest levels since May 16. In the process, the price is moving below the 50% of the move up from the March low. That level comes in at 154.209 and is now close resistance. The low from May 16 comes in at 154.57. That is the next target for sellers.

Yesterday, the USDJPY fell below the 100 day MA and the swing low from last week at 155.368 shifting the bias more to the downside. The breaking of the 50% of the move up from the March low is another key target to get to and through

GBPJPY continues to run lower and looks toward the next targets at 198.38 and then the 50% of the move up from the March low at 198.03.

The EURJPY is breaking below its 50% and the 100 day MA at 167.79. Stay below is more bearish (see chart below). The price is trading at the lowest level since May 9. Staying below those two technical levels keeps the sellers in firm control.

This article was written by Greg Michalowski at www.forexlive.com.