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USD/JPY falls back towards 149 as risk aversion mounts
The earlier rise to 150.30 today in the USD/JPY has now given way to a fresh session low. The USD/JPY just now hit 149.20 and hence a more than 100 pip drop below the earlier high. The previous update here noted how the lower US yields might bite a bit more and that seems to have been the case.There also appears to be a degree of risk aversion just beginning to creep into the broader markets right now too and that is probably a core reason for the relapse in the USD/JPY. The opening outlook for the European stock markets shortly this morning has deteriorated and it looks like all the major indexes will not avoid a lower opening now. The noted prior low on the USD/JPY seen yesterday at 148.85 is surely back on the radar now? After that we have an even more important level to consider, at 148.60. The USD/JPY is right now at 149.25
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