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USD/JPY hits fresh lows under 120.00 as Wall Street tumbles

FXStreet (Córdoba) - USD/JPY accelerated to the downside after Wall Street opening bell and recently printed a fresh daily low at 119.68. The pair weakened as stocks in the US tumble. The Dow Jones is now falling 1.35% and the Nasdaq drops more than 2% while US government bonds decline.

The pair is trading at 119.80 and holds a bearish tone as it continues to retreat from last week highs. On Friday reached 121.23 and from there it lost 150 pips. Despite the decline, USD/JPY has been able so far to remain above last week lows that lie at 119.20.

USD/JPY technical levels

The short term trend continues to be sideways. Key support levels might be seen at 119.00 and 118.50. Greenback could gain momentum if it rises above 120.25/30 where the 4-hours 20-SMA is located, but to open the doors for further gains on a wider perspective it needs to break the barrier located at 121.20/30.

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