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USD/JPY drops further, tests 120.00

FXStreet (Edinburgh) - The Japanese yen remains on the right footing vs. the greenback, now dragging USD/JPY to challenge the critical support at 120.00.

USD/JPY lower on US yields

The so far poor performance of US Treasuries remains the main driver of the pair’s daily downside, supported at the same time by a persistent sentiment towards the risk aversion.

The pair will remain in the spotlight ahead in the session however, with key Fedspeak and PCE, Personal Spending/Income and the Dallas Fed Manufacturing Index due in the US economy.

USD/JPY levels to watch

As of writing the pair is retreating 0.43% at 120.07 and a breach of 119.22 (low Sep.24) would aim for 118.87 (low Sep.8) and then 118.58 (low Sep.4). On the upside, the initial barrier aligns at 120.72 (high Sep.16) ahead of 120.99 (high Sep.17) and finally 121.335 (high Sep.10).

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