Forex
USD/JPY Breaks 200-Day Average on $30 Billion Volume
The USD/JPY currency pair saw massive trading volume of around $30 billion as it broke below its 200-day moving average. The move came after the pair failed to clear the psychological level of 160.70-161, the 50-DMA.
Trading activity totalled an estimated $30bn, with follow-through selling in Asia pushing the pair further below a key psychological level. This prompted leveraged accounts to cover short positions.
The price action also coincided with a slide from above the 100-DMA to below the 200-DMA, keeping the moving-average area near 160.70-161 in focus if a rebound emerges.