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USD/JPY smashed in overnight trading
The next level of potential support and the final Fibonacci correction level on the USD/JPY was in place at 145.37 (76.4% of 140.25 to 161.95). We saw last week, how the 61.8% level (148.54) initially worked well as a support and delivered a more than 200 pip rebound. Well, as you see the whole situation has changed now, as the dollar slides through 145.37 like it was not there. The low seen this morning has been set at 142.22. The triple whammy, of a BOJ rate hike just in advance of a risk-off shift in market sentiment and poor US data advancing the prospect of US rates heading in the other direction has done for the USD/JPY (and the Nikkei 225) and all the major Yen cross carry trades too. The question now; is how much further has this got to play out before the move blows itself out? There will be more to add shortly in what is already an amazing day. The USD/JPY is currently trading at 142.60
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