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USD/JP intensifies the decline, drops to 119.80

FXStreet (Edinburgh) - The Japanese yen continues to appreciate vs. the US dollar on Monday, dragging USD/JPY to test fresh lows in the 119.80 area.

USD/JPY unmotivated by US data

Spot continues to surrender last week’s gains, meandering the lower bound of the range in the 119.90/80 band following mixed results from today’s US calendar. The positive tone from Fed’s W.Dudley, opening the door to a rate hike later in the year, did nothing to curb the ongoing selling sentiment around the pair either.

Poor performance from US Treasuries have removed a significant support for USD today, collaborating with the daily decline ahead of speeches by Fed’s Evans and Williams.

USD/JPY levels to watch

As of writing the pair is retreating 0.61% at 119.84 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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