USD/JPY falls to the lowest since March 28
USD/JPY has broken Monday’s early low in a fall to the worst levels since late March. Sliding US stocks and Treasury yields along with deepening worries about a US-China trade war are hitting the pair.
The total drop today is 54 pips but the break of 110.30 is a negative techincal development. Still, it’s not overly damaging. There is some support at the March 28 low just ahead of 110.00 and a cluster of mid-March lows near 109.75.
I expect the market will wait to see which way it goes on the tariff story before making a definitive move.