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Daily Financial Market News

Tue, 21 Nov 2017 15:05:28 Z

USD/JPY hammered down to daily lows, 112.00 mark back on sight

USD/JPY hammered down to daily lows, 112.00 mark back on sight Skip to main content Follow us on: | FXStreet Blog |    Newsletter MENU Show navigation FXStreet FXStreet - The forex market Home RATES & CHARTS TOOLS Live Chart Trading Positions Forecast Poll Rates Table Technical Confluences ASSETS EUR/USD GBP/USD USD/JPY AUD/USD NZD/USD USD/CAD GBP/JPY EUR/JPY Dollar Index Gold Oil SP500 News LATEST FOREX NEWS Latest News Institutional Research LATEST NEWS BY ASSETS EUR/USD GBP/USD USD/JPY AUD/USD NZD/USD USD/CAD USD/CHF EUR/GBP Dollar Index Commodities Bonds Equities Analysis EDITORIAL SELECTION EUR/USD GBP/USD USD/JPY AUD/USD USD/CAD Dollar Index Oil Gold Stocks Commodities Bonds Correlations Support and Resistance Elliott Wave Cycles Sentiment Economic Calendar TOOLS Economic Calendar Interest Rates Market Hours TOP EVENTS Nonfarm Payrolls Fed BoC ECB BoE SNB BoJ RBA RBNZ Live Video SECTIONS Shows Schedule Become Premium MOST POPULAR COACHES Ed Ponsi Giuseppe Basile Sarid Harper Alex Ong Sam Seiden Steve Ruffley Rob Colville Nenad Kerkez Gonçalo Moreira Navin Prithyani David Pegler Walter Peters Education Brokers SECTIONS Forex Brokers Broker News Broker Spreads Contest Home RATES & CHARTS TOOLS Live Chart Trading Positions Forecast Poll Rates Table Technical Confluences ASSETS EUR/USD GBP/USD USD/JPY AUD/USD NZD/USD USD/CAD GBP/JPY EUR/JPY Dollar Index Gold Oil SP500 News LATEST FOREX NEWS Latest News Institutional Research LATEST NEWS BY ASSETS EUR/USD GBP/USD USD/JPY AUD/USD NZD/USD USD/CAD USD/CHF EUR/GBP Dollar Index Commodities Bonds Equities Analysis EDITORIAL SELECTION EUR/USD GBP/USD USD/JPY AUD/USD USD/CAD Dollar Index Oil Gold Stocks Commodities Bonds Correlations Support and Resistance Elliott Wave Cycles Sentiment Economic Calendar TOOLS Economic Calendar Interest Rates Market Hours TOP EVENTS Nonfarm Payrolls Fed BoC ECB BoE SNB BoJ RBA RBNZ Live Video SECTIONS Shows Schedule Become Premium MOST POPULAR COACHES Ed Ponsi Giuseppe Basile Sarid Harper Alex Ong Sam Seiden Steve Ruffley Rob Colville Nenad Kerkez Gonçalo Moreira Navin Prithyani David Pegler Walter Peters Education Brokers SECTIONS Forex Brokers Broker News Broker Spreads Contest ; NEWS | 15:05 GMT USD/JPY hammered down to daily lows, 112.00 mark back on sight By Haresh Menghani    •  Retracing US bond yields prompt fresh USD selling.    •  Risk-on mood fails to lend any support.     •  Upbeat US existing home sales help ease bearish pressure.  A fresh wave of greenback selling bias emerged during the early NA session and dragged the USD/JPY pair to fresh session low, near the 112.25-20 region. The pair's latest leg of bearish slide over the past hour or so could be solely attributed to a sharp retracement in the US Treasury bond yields, prompting some fresh US Dollar selling.  Even a strong opening in the US equity markets, which usually tends to dent the Japanese Yen's safe-haven appeal, did little to lend any support, with the USD price dynamics turning out to be an exclusive factor weighing heavily on the major.  Meanwhile, the market seems to have largely negated better-than-expected October existing home sales data from the US, though helped ease some downward pressure.  From a technical perspective, the pair today faced rejection near 50-day SMA, previous strong support now turned immediate resistance, which now seems to add credence to last week's bearish break. Hence, a follow-through weakness, even below yesterday's one-month lows, now seems a distinct possibility. Technical outlook Valeria Bednarik, American Chief Analyst at FXStreet writes: “the upward potential seems well limited, as the pair continues developing below its 100 and 200 SMAs in the 4 hours chart, while technical indicators consolidate around their mid-lines, lacking directional strength. The pair topped this week at 112.71, with gains above the level probably anticipating additional short-term gains."   Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. 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