USD/JPY Crashes with Japanese Stock Market

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After breaking to new multi-year highs on the testimony of Ben Bernanke, USD/JPY is crashing all the way towards 102 as the Nikkei makes a violent correction, falling around 6% at the time of writing. The strong correlation between yen weakness and Japanese stocks continues, and now it turns against USD/JPY. Update: the Nikkei closes 7.32% lower – the biggest crash in two years.

USD/JPY fell as low as 102.04, from the highs of 103.56 seen earlier and from the peak of 103.72 seen after Bernanke.

Also the Japanese bond market is not exactly calm. The BOJ already announced a plan to intervene in order to “calm the bond markets” and combat the leap in bond yields (JGBs).

For more, here is the USDJPY forecast, and a live chart of the wild action in USD/JPY:




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About Author

Yohay Elam – Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I’ve accumulated. After taking a short course about forex. Like many forex traders, I’ve earned the significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I’ve worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.

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