19 Aug 2015
USD/JPY drops toward 124.00
FXStreet (Córdoba) - USD/JPY weakened sharply after the beginning of the American session and dropped to 124.05, reaching the lowest level since Friday. The yen gained momentum amid risk aversion and falling US bond yields.
Stocks in the US ahead of the FOMC minutes are falling sharply. The Dow Jones is down 1.29% and the Nasdaq drops 1.27%. European markets are about to end with declines of 2% on average.
USD/JPY again capped by 124.50
The pair rose earlier toward 124.50, but again the mentioned zone capped the upside and from there it started to slide. The pair is holding a bearish tone, testing last Friday lows and the 124.00 zone. A break lower could open the doors for further losses. The next short-term key support lies at 123.75 (August 4, 12 low).
The yen is among the best performers so far on Wednesday. Traders are looking at the decline in crude oil, that trades at the lowest price level in six and a half years and also waiting for Fed minutes.
Stocks in the US ahead of the FOMC minutes are falling sharply. The Dow Jones is down 1.29% and the Nasdaq drops 1.27%. European markets are about to end with declines of 2% on average.
USD/JPY again capped by 124.50
The pair rose earlier toward 124.50, but again the mentioned zone capped the upside and from there it started to slide. The pair is holding a bearish tone, testing last Friday lows and the 124.00 zone. A break lower could open the doors for further losses. The next short-term key support lies at 123.75 (August 4, 12 low).
The yen is among the best performers so far on Wednesday. Traders are looking at the decline in crude oil, that trades at the lowest price level in six and a half years and also waiting for Fed minutes.