USD/JPY extends drop from 7-year high

FXStreet (Córdoba) - USD/JPY retreated further at the beginning of the American session and hit fresh daily lows as the dollar eases across the board.

Declining US yields are weighing on the USD, with USD/JPY having dropped more than 150 pips throughout the day through the 200-hour SMA to hit a low of 119.22. At time of writing, USD/JPY is trading at 119.30, recording a 1.14% loss on the day.

USD/JPY started a downward correction after hitting a fresh 7-year high of 121.83 on the back of outstanding US nonfarm payrolls.

Datawise, US JOLTS jobs openings and wholesales inventories for October will be published at 15:00 GMT.