New lows for the USDJPY. Approaching 50% of the move up from the September 21 low

<p>In the minutes after the crash in the USDJPY earlier today, the low reached 148.51 not once but twice (see green numbered circles one in 2 in the chart below). </p><p>However, when you look at the hourly chart, you don't see those lows because they were part of the spike low bar. Nevertheless, keep that level in mind going forward.</p><p>Ahead of that level, the pair is approaching the 50% midpoint of the move up from the September 22 low. That level comes in at 148.734. The low-price reached 148.70 but bounced back higher. The price currently trades at 148.76. </p><p>If the price is to go lower, getting and staying below that level would next target the 148.51 level from the 5 minute chart. That level also corresponds with the swing low from Friday's trade (the hourly chart below) and is part of a swing area between 148.449 in 148.518 (see green numbered circles).</p><p>On the top side, it would now take a move back above the 200-hour moving average at 149.026 to tilt the bias back to the upside.</p>

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