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John Hardy charts USDJPY at "critical levels"
Saxo Bank's Head of FX Strategy John Hardy says USDJPY has broken critical support levels due to a global decline in risk sentiment. The US indices took a beating yesterday and Europe has been looking weak for some time, partly due to the crisis in Ukraine. John Hardy says the yen is the go-to currency in a "touchy market"; and remains highly sensitive to risk sentiment.
USDJPY broke the 102.50 – 102.75 area with strong momentum, just ahead of the Federal Open Market Committee meeting next week; if the committee fails to bolster risk appetite globally, then USDJPY could fall sharply from here, considering the ominous technical signs.
04:31 minutes
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