Wed. Jun 7th, 2023

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USD/JPY plunges by 1%

1 min read
Yen vs Dollar
The drop to 105.50 now breaches the low seen in the whipsaw following Powell’s speech yesterday, which was at 105.61. Abe’s press conference earlier was rather bland, offering little hints about his successor but he did affirm that most policies should be continued.
Still, the yen is gathering further pace on the day with USD/JPY now seeing sellers take over near-term control after breaching below its 200-hour MA (blue line) at 105.95. That helped to accelerate the decline alongside added dollar weakness on the session.
There is some mild support around 105.44-54 currently but the real threat for USD/JPY is if price action starts to approach the 105.00 handle once again.

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