USD/JPY falls to fresh six-week low in drop under 107.00
The dollar may come under more pressure as the key level gives way
USD/JPY touches a low of 106.77 on the day in a quick drop as the 107.00 handle gives way, with price now touching its lowest level since 18 March.
The dollar has been pressured on the session but it looks like this may be the day where the 107.00 handle gives way and the market starts to find a more meaningful trend.
Elsewhere, the dollar is weakening further across the board as well with EUR/USD rising to 1.0870 and AUD/USD nearing a test of the 0.6500 handle.
Even gold has shaved off losses from around $1,693 to touch $1,711 levels currently.
Back to USD/JPY, this is starting to open up a new range in the pair with further support only seen next at the 50.0 retracement level @ 106.43 next.
Source: Currency analysis/ J. Low