9 Dec 2014
USD/JPY finds support above 119.50 and rebounds
FXStreet (Córdoba) - USD/JPY bottomed earlier at 119.52, reaching the lowest price since last Thursday and rebounded, trimming losses. Currently trades slightly above 120.00, still losing 70 pips for the day. The Japanese currency is among the best performers on Tuesday as it continues to recover from multi-year lows.
“The yen has strengthened overnight amidst more risk-averse trading conditions as global equity markets and commodity prices have declined. The sell-off in risk assets early this week follows the adjustment higher in US short rates and further strengthening of the US dollar late last week after the release of the stronger than expected non-farm payrolls report for November”, noted Lee Hardman, Currency Analyst at Bank of Tokyo-Mitsubishi UFJ.
USD/JPY falling for the second day in a row
The pair is losing ground for two consecutive days, accumulating a decline of more than 150 pips. It is the worst 2-day performance so far since early October; retreating after hitting yesterday at 121.83, the highest level since 2007.
“The yen has strengthened overnight amidst more risk-averse trading conditions as global equity markets and commodity prices have declined. The sell-off in risk assets early this week follows the adjustment higher in US short rates and further strengthening of the US dollar late last week after the release of the stronger than expected non-farm payrolls report for November”, noted Lee Hardman, Currency Analyst at Bank of Tokyo-Mitsubishi UFJ.
USD/JPY falling for the second day in a row
The pair is losing ground for two consecutive days, accumulating a decline of more than 150 pips. It is the worst 2-day performance so far since early October; retreating after hitting yesterday at 121.83, the highest level since 2007.