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USD/JPY – How Low Can We Go?
Today’s late day reversal in the US equity markets sent USD/JPY tumbling on the close and carved out a very ugly shooting star candle on the daily charts. The pair has broken very key 120.00 support and has done a lot technical damage. Its fate now lies with the equity markets as it has taken on the old risk aversion correlation now that the Fed is not likely to move on rates until December at earliest.
For now the spike yesterday is the absolute key low that the pair must hold in order maintain its neutral stance. Still the best possible scenario is range as it tries to consolidate its losses without forming a major top.