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USD/JPY drops below 110.00 to fresh 17-month lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 6, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    After moving steady around 111.40, USD/JPY broke to the downside and fell below yesterday’s lows. The pair dropped under 110.00 and bottomed at 109.81, the lowest level since October 31, 2014. Afterward it jumped in a few minutes to 110.40 and it was trading around 110.10.

    The yen again is among the top performers in the currency market for the second day in a row, amid risk aversion and following comments against intervention from Japanese officials. In the US, the Dow Jones was falling 0.25%.

    Traders are waiting for the FOMC minutes and also will pay attention to some FED officials that are scheduled to speak today.

    USD/JPY technical levels

    To the upside, resistance levels might now lie at 110.20 (Asian session low), 110.55/60 (Mar 17 low / daily high) and 112.30 (20-day moving average). On the opposite direction, support could be seen at 109.80 (daily low) and 109.45 (Sep 19 & Oct 30, 2014 high).
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