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22 Aug 2015
USD/JPY: worst week since December
FXStreet (Córdoba) - The yen finished the week sharply higher against the US dollar and had the best performance for the year boosted by risk aversion and fading expectations about a rate hike by the Federal Reserve in September.
USD/JPY started the week trading above 124.50 and on Wednesday started to decline and accelerated after FOMC minutes. Then equities plummeted worldwide and boosted the demand for the yen, sending the pair even lower.
On Friday, the pair lost almost 150 pips as stocks in Wall Street plummeted more than 3%, following a sell-off in Europe and Asia. USD/JPY bottomed at 121.81, the lowest level since July 10 and then attempted to recover but finished the week hovering around 122.00, 220 pips below the level it closed seven days ago.
USD/JPY started the week trading above 124.50 and on Wednesday started to decline and accelerated after FOMC minutes. Then equities plummeted worldwide and boosted the demand for the yen, sending the pair even lower.
On Friday, the pair lost almost 150 pips as stocks in Wall Street plummeted more than 3%, following a sell-off in Europe and Asia. USD/JPY bottomed at 121.81, the lowest level since July 10 and then attempted to recover but finished the week hovering around 122.00, 220 pips below the level it closed seven days ago.