Wednesday, February 3, 2016

Huge drop on the USD/JPY

The Yen strengthen for today as risk aversion comes back into the markets. On the daily chart of the USD/JPY we can see how the pair dropped rapidly from the 120.00 level to the 117.00 level, which is a 300 pip drop. A 300 pip daily range for the USD/JPY is very unusual. When the price reached the 117.00 level, it bounced to the upside and right now is kind of finding some resistance at the 118.00. For now the 117.00 may act as a support, but if it breaks that level to the downside, then the next round number level of the 116.00 could act as support.

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