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USD/JPY breaks below 119.00 as USD plummets

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 14, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - USD/JPY dropped below 119.05, previous lows, and accelerated to the downside. It printed a fresh 2-week low at 118.77 and remains near the lows under pressure as the US dollar falls across the board.

    The pair is now approaching October lows that lie at 118.67; if it drops below it would be trading at the lowest level since early September. Greenback is trading at fresh lows with the Dollar Index at the weakest level in almost two months.

    In Wall Street, equities are near the lows. The Dow Jones is falling 1.11%, the Nasdaq losses 0.30% and the S&P drops 0.63%. Crude oil remains unchanged around $46.50 a barrel (WTI) while gold is trading at the highest since June, above $1185/oz. US bond yields are falling sharply.

    USD/JPY testing medium term support

    The pair could post the lowest close since August. Currently is testing the lower limit of a range that has been supporting the pair since late August. A break lower could open the doors form more losses.

    The yen is rising for the fourth day in a row against the US dollar as a rate hike during 2015 looks less likely in the US.
    For more information, read our latest forex news.

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