FXStreet (Córdoba) - The yen gained momentum across the board amid risk aversion during the American session and trimmed losses; commodity currencies were also affected and dropped to fresh lows. In Wall Street the Dow Jones was falling 1.34% while the Nasdaq was tumbling 2.20%. Both started the day with gains. Crude oil (WTI) was recovering and trading above $31.00 but after inventory data turned toward $30.00. Amid risk aversion, the US dollar lost strength versus the yen and also European currencies. USD/JPY, that had been trading in range between 118.30 and 118.00 since the European session broke to the downside and fell to 117.79. It was trading near session lows, modestly higher for the day but far from the highs. USD/JPY technical outlook “The 1-hour chart for the USD/JPY suggests that the pair is poised to extend its decline now, as the price is pressuring the 100 SMA, the immediate support around 117.80, while the technical indicators head south below their mid-lines”, said Valeria Bednarik, Chief Analyst at FXStreet. According to her, on a wider perspective, the 4-hours chart shows the 100 and 200 SMAs, maintain their strong bearish slopes far above the current level, “while the technical indicators have turned strongly lower and point to cross their mid-lines towards the downside, in line with the shorter term outlook.” For more information, read our latest forex news.