USD/JPY -0.8% as yields drop on risk-off: 156.4 is the lineUS Dollar vs. Japanese YenFX:USDJPYForexupgoUSD/JPY is down about 0.8% today (22 Oct), trading near 156.85. The risk-off day (Nasdaq ~2% lower, AI-spend worries, oil near $112) sent money into safe havens and pushed US Treasury yields lower. Lower US yields narrow the gap with Japan, and the yen gets a bid as a safe haven. What the daily chart shows (FX:USDJPY): • Yesterday's close: 158.13 • Today: 158.13 open, 158.25 high, ~156.69 low so far • 21-day MA: ~157.95 · 50-day MA: ~157.60, both lost today • 5-day low: 157.55, broken · 20-day low: 156.38 • 20-day high: 159.04 🐂 Bull case: buyers defend the 20-day low at 156.38 and USD/JPY closes back above the 50-day MA (~157.6). Then today is just a dip inside the range. 🐻 Bear case: a daily close below 156.38 breaks the October range. With yields falling, the next leg lower can come quickly, especially in a risk-off week. Watch US yields: they are the main driver of this pair right now. Range low holds or breaks? Drop your take 👇 Not financial advice. Manage your risk.