USD/JPY grinds lower as risk-off mood deepens
A big setback for USD/JPY buyers to end the week
The pair is grinding to fresh lows on the day at 114.40 as sellers now seize back near-term control on a push below the key hourly moving averages:
There is some minor support around 114.45-49 but below that, a drop towards 114.00 looks likely as the market is sticking with the dour tones from earlier.
Bond yields are sinking further and we are seeing equities lose more ground as we get into European morning trade. Even oil is down over 4% on the day now as WTI falls below $75 on approach to its 100-day moving average @ $74.46.
Back to USD/JPY, this is a big setback for buyers after having come close to clinch a break above 115.00. It’s a case of “close but no cigar” as seen on the weekly chart: