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USD/JPY Falls Below 119.00 on Saudi Arabia Air Strikes to Yemen

Posted by Chris Advincula on Mar 26, 2015 6:59:00 AM

EURJPY.3.26 resized 600

Chart: WorldWideMarkets Alpha Trader

Dollar yen fell sharply in Tokyo from 119.60 as the rate broke the 119.25 support easily and fell below 119.00 to trade at the intraday low of 118.32 as the Asian market exits.

The dollar fell once again compounded by the weaker than expected U.S. Durable Goods which fell for a sixth straight month in February and the dovish stance of the Fed where the likelihood of raising interest rates are seen at a later time. The dollar index fell 0.8% to 96.26.

However, yen buying was more prevalent on this 100 pip downward move on the rates following the news that Saudi Arabia and its Gulf Arab allies had launched air strikes against the Iran backed Houthi rebels in Aden, South Yemen. 

Saudi Arabia's ambassador to the U.S., Adel al-Jubeir said "We will do whatever it takes in order to protect the legitimate goverment of Yemen from falling." in a news conference held in Washington D.C.

Euro-yen fell 70 pips to 130.15 from 130.85 on yen safe haven buying interest.

 

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Chart: WorldWideMarkets Alpha Trader

Topics: $USDJPY, forex trading, European Session, Fundamental Analysis, Asian session, Japanese Yen

 

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