SEC charges against Goldman send stocks lower and USDJPY lower in the process

Written April 16, 2010 at 11:13 AM EST by  

The SEC charges against Goldman for fruad on Subprime mortgages has the stock market worried.  The fall in the stock market is contributing to some selling in the USDJPY and the JPY crosses like EURJPY. 

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The USDJPY is testing the bottom side trendline at the 92.18 level.  Look for continued selling on abreak of this line. A break of the line will next target the 50% retracement of the move up from the early March lows to the April highs. That level comes in at 91.45. The 200 day MA comes in at the 91.37 level.

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