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USD/JPY: Worst day in 2 months

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - The yen gained momentum across the board as stocks in Wall Street reversed sharply and erased gains in a few minutes. USD/JPY broke a key technical support and recently printed a fresh low at 121.56, hitting levels last seen back in early November.

    The pair currently trades at 121.60/65 and is holding a bearish tone. It stands more than a hundred pips below the level it closed yesterday, suffering the worst daily decline in two months.

    In Wall Street, the Dow Jones is now in negative territory down 0.60% while the Nasdaq falls 1.65%. US bond yields pulled back, with the 10-year around 2.238% after hitting 2.270%.

    USD/JPY breaks key support

    The pair broke the 122.20 area that capped the decline several times in November and also last week. Since November it was moving in a range between 122.20 and 123.70. Today USD/JPY is breaking to the downside, giving bearish technical signals.

    The pair currently is also under the 100 and 200-day MA. Potential support levels might lie at 121.45/50 (Oct highs) and 120.50 (Oct 2 & 5 high).

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