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USDJPY moves to a new session low and the lowest level since May 26

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Cracked below the July low at 109.06

The USDJPY has now cracked below the July low price of 109.06, and in the process trades at the lowest level since May 26. The price is also testing its natural support at the 109.00 level. Yields are mixed but yields are a little lower from earlier levels with the 10 year at 1.17%.  

Looking at the hourly chart, the high price today did remain under a swing area between 109.326 and 109.354.  In trading yesterday, the price cracked below that swing area on the way to the the session low at 109.18, before rebounding back toward that area (and briefly above) near the end of day.  The high price today in the Asian session reached 109.337 – between that swing area. 

The new low increases the bearish bias.  Get below the 109.00 level, and traders will start to look toward the swing low off the daily chart near 108.57 (see daily chart below).

USDJPY on the daily chart
What is risk for the sellers now?
Bears/sellers would love to see the 109.06 low from July to now hold resistance, but would likely tolerate up to 109.193. That level was the swing low from June’s trading.  So stay below the June and July lows, keeps the bears in control.  
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