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USD/JPY settled for now, supported ahead of range lows

FXStreet (Guatemala) - USD/JPY is currently trading at with a high of 116.50 vs a low of 116.23 and is 0.03% in Asia.

USD/JPY has been unable to so far extend the declines to the 116.00 level and is shy of yesterday's lows at 116.07. The Yen has benefitted amongst the market turmoil although analysts are sighting that the dollar will eventually be the benefactor of the SNB's subsequent course of action, which maybe to diversify currency holdings into the US dominated assets, such as US Treasuries.

Technically, 117.20 is holding advances up on the charts and contains the pair within the bearish head and shoulders that is developing. Generally, the major remains within its wider range and volatility risks remain the theme while news continues to emerge in the aftermath of the SNB shocker. 117.93 contains the topside while 116.07 supports the pair.

Swiss Franc, Oil and banks pushed US stocks down

US stocks closed negative for the fifth day as investors reacted negatively to the SNB decision to remove the EUR/CHF peg at 1.20, as well as more oil declines and banks' earnings reports.
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EUR/CHF floor removal: impact on EUR/USD marginally negative - DB

After the shocking move by the SNB to remove the 1.20 EUR/CHF floor, George Saravelos, FX Strategist at Deutsche Bank, believes that the impact on EUR/USD will be marginally negative.
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