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USD/JPY forced lower as European stocks extend downside
The price action across the European stock markets has seen further falls, especially in the DAX. The German benchmark has taken out the low seen yesterday, at 22,297 and extended to below 22,200 a short while ago. That move has clearly led losses seen in the FTSE 100 and the CAC 40 and the DAX is by far the weakest of the three in the first hour of live trade. The impact of that has sent the USD/JPY lower and that comes as the likes of the EUR/JPY and GBP/JPY feel the heat of thus risk off move. The USD/JPY was trying to recapture the 150 handle earlier this morning, but due to this dynamic it has fallen back towards 148.50. The Yen is very much the barometer for risk and especially so today, given the current situation. Meantime, the price action in the DAX is as fluid and volatile as ever. The USD/JPY is right now at 149.57
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