USD/JPY broke below 111.30 and dropped to 111.11, reaching a fresh 2-week low. The pair remains near the lows holding a bearish tone and eyeing 111.00.
The yen and the pound are among the top performer in the currency market. In Wall Street, stocks are falling modestly after being able to move off session lows while in Europe stock indexes posted mix results. US bonds are little change for the day.
USD/JPY near 2016 lows
The pair is falling for the second day in a row and for the fourth time out of the last five trading days. It remains near the 110.50 – 111.00 area. A break below the mentioned range would send the price to the lowest since October 2014.
Technical indicators continue to favor the downside in the short and long term. Greenback could remove some pressure if it rises above 112.70 (20-day moving average), but a consolidation on top of 114.50 seems necessary to confirm that a medium-term bottom has been reached.
(Market News Provided by FXstreet)