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May 12 - 09:55 PM

USD/JPY - Tumbles As Long Positions Unwound, Safe Havens Sought

By Krishna K  —  May 12 - 07:35 PM
  • USD/JPY drops 1.9% Thursday before bounce, trades a wide 130.05-127.53 range

  • Undermined by liquidation of short JPY positions as risk aversion takes hold

  • World shares sink on inflation, economic fears; S&P 500 nears bear market

  • Traders fear rising interest rates worldwide will lead to global recession

  • JPY regains safe haven status, rises broadly; lower UST yields undermine USD

  • Support 128.00-05, 127.50-55, resistance 128.65-75, 129.00-05, 129.45-50

  • For more click on FXBUZ


Source:
Refinitiv IFR Research/Market Commentary

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