USD/JPY approaches daily lows as US dollar retreats

FXStreet (Córdoba) – USD/JPY broke below an intraday range and dropped toward 122.00 as the US dollar fell across the board, with EUR/USD rising above Friday’s closing price.

USD/JPY unfilled gap

The pair opened the week with a bearish gap that is still open. The recovery lost strength above 123.00 and pulled back. During the last hours it moved steady between 123.000 and 122.75 but recently broke to the downside and dropped to 122.49, the lowest level since early European session.

Price appears to be moving toward Asian session lows. The forex market opened the week with risk aversion amid Grexit fears boosting the demand for the yen particularly. USD/JPY bottomed at 122.10, lowest since May 26.

Current it trades at 122.50, 130 pips below the level it closed on Friday. The pair remains under bearish pressure, testing the 122.40/50 support area. Below, attention would turn to 122.00.

USD/JPY broke below an intraday range and dropped toward 122.00 as the US dollar fell across the board, with EUR/USD rising above Friday’s closing price.

(Market News Provided by FXstreet)