The Japanese yen gained further momentum across the board as stocks in the US reacted negatively to Yellen’s testimony. USD/JPY hit a fresh daily high at 115.20, after Wall Street opening bell but then turned to the downside and during the last hours dropped sharply breaking below Tuesday’s lows. The pair bottomed at 113.96, the lowest level since November 2014. It as trading at 114.10/20, after rebounding from the 114.00 area but still under pressure. From a fundamental perspective, the yen gained momentum as stocks trimmed gains in the US and Europe. And also, as bond yields retreated from daily highs. The Dow Jones was rising 0.27% or 40 points, earlier it was up by 200 points. USD/JPY breaks range Since Tuesday the pair has been finding demand slightly above 114.20 while to the upside it showed no strength enough to hold above 115.00. Recently it was able to break monetarily the 114.20 support. A consolidating under that level could open the doors for another leg lower, while if it climbs significantly above it could signal a potential intra-day bottom. For more information, read our latest forex news.