The Forex Pattern, Price & Time Report – USD JPY – Mid-Session

The USD JPY accelerated to the downside today when the two main bottoms at 94.45 and 93.84 were violated.

The USD JPY accelerated to the downside today when the two main bottoms at 94.45 and 93.84 were violated.  At first traders thought losses would be limited when 94.28 was tested but apparetnly the selling was much greater than the buying.

A break through 94.28 will set up  a further decline to the next level at 92.58.  

Traders are buying the the Japanse Yen and selling the U.S. Dollar for protection against falling equity markets.