USD/JPY hits multi-month low, bears eye 200-day SMA at 134.00s

 

On Friday, USD/JPY plunges to a new multi-month low amid persistent USD selling bias. The US dollar is still under pressure due to the Fed’s dovish shift and falling US bond rates. The downward trend is further aided by technical selling below the 135.00 level. Before the US NFP, oversold circumstances on short-term charts may help minimize losses.

In the early hours of the European session on Friday, the USD/JPY pair, which has been under considerable selling pressure for five days running, reaches its lowest point since August 17. The pair is now down more than 0.50% daily and trading slightly around the mid-134.00s. Bears are watching for a decisive break of the crucial 200-day SMA.

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