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24 Aug 2015
USD/JPY: Yen gains 1 big figure on safe-haven bids, below 121
FXStreet (Mumbai) - The Japanese currency continues to enjoy the safe-haven status against its American counterpart in the mid-Asian session, knocking-off USD/JPY to fresh monthly lows below 121 handle, as the risk-off sentiment heightens amid ongoing blood bath in Chinese stock markets.
USD/JPY drops from 121.93
Currently, the USD/JPY pair trades nearly 1% lower at 120.86, bouncing-off fresh monthly lows reached at 120.73 in last hours. The dollar-yen pair extends its recent run of losses and drops into a fifth-day on Monday as markets flock to safe-haven such as yen amid the deepening Chinese equities rout which has worsened the risk-off sentiment across the board.
China stocks rout accelerates as the State support fails to lift the market sentiment, resulting in broad global equities sell-off. While the US dollar continues to be relentlessly offered against its major peers as markets push back Sept rate-hike expectations after the recent dovish FOMC minutes.
Markets remains cautious amid risk aversion as today’s trading calendar remains absolutely data-empty, offering little for further momentum on the pair.
USD/JPY Technical Levels
To the upside, the next resistance is located 121.58 (Jul 7 High) levels and above which it could extend gains 121.93 (Today’s High) levels. To the downside immediate support might be located at 120.74 (Aug 24 Low) below that at 120.44 (July 9 Low) levels.
USD/JPY drops from 121.93
Currently, the USD/JPY pair trades nearly 1% lower at 120.86, bouncing-off fresh monthly lows reached at 120.73 in last hours. The dollar-yen pair extends its recent run of losses and drops into a fifth-day on Monday as markets flock to safe-haven such as yen amid the deepening Chinese equities rout which has worsened the risk-off sentiment across the board.
China stocks rout accelerates as the State support fails to lift the market sentiment, resulting in broad global equities sell-off. While the US dollar continues to be relentlessly offered against its major peers as markets push back Sept rate-hike expectations after the recent dovish FOMC minutes.
Markets remains cautious amid risk aversion as today’s trading calendar remains absolutely data-empty, offering little for further momentum on the pair.
USD/JPY Technical Levels
To the upside, the next resistance is located 121.58 (Jul 7 High) levels and above which it could extend gains 121.93 (Today’s High) levels. To the downside immediate support might be located at 120.74 (Aug 24 Low) below that at 120.44 (July 9 Low) levels.