7 Jul 2015
USD/JPY falls to test 122.00 as stocks decline in US and Europe
FXStreet (Córdoba) - USD/JPY broke below 122.30 and dropped to 122.07 hitting the lowest level since Monday, when markets opened. The pair then bounced modesty, but is facing pressure amid risk aversion.
The yen is rising sharply in the market, as stocks decline in Europe and in Wall Street. European stocks accelerated the decline and main indexes are now falling more than 1.5% on average. In the US, the Dow Jones falls 0.80% and the Nasdaq drops 1.30%. Despite falling against the yen, greenback is also showing strength in the currency market and trades with gains, at daily highs.
USD/JPY will it hold above last week lows?
The pair continues to move with a downside bias in the short term. If it falls below 122.00, the area around Monday and last week lows would be exposed. The mentioned zone is located above 121.80.
If USD/JPY holds above 121.80 it could rebound to the upside, but a break lower could trigger another bearish run and the price would reach the lowest level since late May.
The yen is rising sharply in the market, as stocks decline in Europe and in Wall Street. European stocks accelerated the decline and main indexes are now falling more than 1.5% on average. In the US, the Dow Jones falls 0.80% and the Nasdaq drops 1.30%. Despite falling against the yen, greenback is also showing strength in the currency market and trades with gains, at daily highs.
USD/JPY will it hold above last week lows?
The pair continues to move with a downside bias in the short term. If it falls below 122.00, the area around Monday and last week lows would be exposed. The mentioned zone is located above 121.80.
If USD/JPY holds above 121.80 it could rebound to the upside, but a break lower could trigger another bearish run and the price would reach the lowest level since late May.