FXStreet (Guatemala) – Valeria Bednarik, chief analyst at FXStreet explained that the Japanese yen got benefited for plummeting Chinese stocks, and the USD/JPY pair plummeted to its lowest since last August, reaching a daily low of 116.69 during the Asian session.
Key Quotes:
“The Shanghai Composite opened the week with a 5.3% decline, triggering risk aversion and favoring the most the Japanese currency.
The pair later bounced up to 118.01, but resumed its decline as Wall Street turned red, and holds a handful of pips above the 117.00 figure ahead of this Tuesday opening. The bearish momentum seen on previous updates remains firm in place, and in the short term, the pair is poised to extend its decline.”
(Market News Provided by FXstreet)