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
    Likes Received:
    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).

    What will 2016 bring to the Forex traders? Attend our Forex Forecast 2016 - The Panel with Ashraf Laidi, Valeria Bednarik, Boris Schlossberg, Adam Button, Ivan Delgado and Dale Pinkert. Register for the live event on Dec. 18th and get the recording too.

    For more information, read our latest forex news.

Share This Page

free forex signals