USD/JPY downside test to 144 as stocks wobble, S&P below 2200

Currently, USD/JPY is trading at 114.11, down -0.27% on the day, having posted a daily high at 114.84 and low at 113.83.

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JPY has been relatively quiet consolidating around the mid-point of the 14 handle in a tight range around Wednesday's close at levels last seen in March. However, the greenback has taken a knock in recent trade and the price has dropped to test the 114 the figure while stocks on Wall street are having a wobble breaking below 2200 in the S&P 500 down to 2187 lows. Analysts at Scotiabank argued that JPY remains vulnerable to knee-jerk haven-driven gains in short-lived periods of risk aversion.

USD/JPY levels

Spot is presently trading at 114.12, and next resistance can be seen at 114.25 (Hourly 20 EMA), 114.42 (Daily Open), 114.42 (Monthly High), 114.42 (Weekly High) and 114.55 (Yesterday's High). Support below can be found at 113.83 (Daily Low), 113.68 (Daily Classic PP), 113.01 (Hourly 100 SMA), 112.80 (Daily Classic S1) and 112.46 (Hourly 200 SMA).