USD/JPY hammered to fresh yearly low, massive reversal overnight
USD/JPY was hammered overnight and the pair hit new yearly lows of 114.22, levels unseen since Nov 2014.
Sentiment soured on the back of the recent oil price volatility, rising global growth concerns and growing expectations that Yellen may hint at delay in rate hikes in her testimony at Capitol Hill on Wednesday.
The major is seen accelerating to the downside as we speak, currently at 114.28, Technicals indicate further downside.
Next immediate support on the downside lies at 114.06 (Nov 6th, 2014 low) and further below at 113.85 (Nov 10, 2014 low).
Watch out for authorities in Japan, Japan FM Aso has already said today that they will continue to monitor market and FX movements closely.
Sentiment soured on the back of the recent oil price volatility, rising global growth concerns and growing expectations that Yellen may hint at delay in rate hikes in her testimony at Capitol Hill on Wednesday.
The major is seen accelerating to the downside as we speak, currently at 114.28, Technicals indicate further downside.
Next immediate support on the downside lies at 114.06 (Nov 6th, 2014 low) and further below at 113.85 (Nov 10, 2014 low).
Watch out for authorities in Japan, Japan FM Aso has already said today that they will continue to monitor market and FX movements closely.
