4Fed emergency rate cut triggers another rally in US bonds. US dollar loses ground across the board, while yen benefits from lower yields. The USD/JPY pair dropped to 106.97, hitting the lowest intraday level since October 8 weakened by the ongoing rally in US bonds. The 10-year yield fell below 1% for the first time. The decision of the Federal Reserve to cut the Fed Funds rate by 50bps triggered the decline in yields and a slide of the US dollar across the board. While the greenback managed to recover some ground versus majors, it broke lower against the yen. The Japanese currencies gained momentum with the decline in yields and also after the decision failed to boost equity prices in Wall Street. The Dow Jones is falling more than 800 points and the Nasdaq tumbles 3.35%. Risk aversion also contributes to the stronger yen. Levels to watch The USD/JPY looks vulnerable and currently is testing the 106.95/107.00 support level. A break would clear the way to more losses, targeting 106.70; below the next relevant support might be seen at 106.45/50 (October 2019 low). On the upside, 107.30/35 (previous low) is now the immediate resistance followed by 107.65. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Crypto Today: Bitcoin may just be a sitting duck for bear attack FX Street 3 years 4Fed emergency rate cut triggers another rally in US bonds. US dollar loses ground across the board, while yen benefits from lower yields. The USD/JPY pair dropped to 106.97, hitting the lowest intraday level since October 8 weakened by the ongoing rally in US bonds. The 10-year yield fell below 1% for the first time. The decision of the Federal Reserve to cut the Fed Funds rate by 50bps triggered the decline in yields and a slide of the US dollar across the board. While the greenback managed to recover some ground versus majors, it broke lower against the yen. … Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.