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USD/JPY falls below 109.50 to 8-week lows after US data

The yen strengthened in the market after a lower-than-expected reading of US wholesale inflation in July and after Wall Street's red opening. The USD/JPY is trading at 109.50, the lowest level since June 14.

The price remains negative and is testing the support of 109.50, in case of falling below, the next areas to take into account can be seen at 109.10 / 15 (June 7 low) and 108.80 (June low).

Downward pressures are expected to persist if the risk aversion tone is maintained in the stock markets and if the upward trend of Treasury bonds continues. TheDow Jones was losing 0.57% and was below the 22,000 points. Among the highlights of the market was gold that shot up to $ 1290.

On the technical side, the downward bias in the USD / JPY could be reduced if the USD/JPY gets back first on 110.00, but mostly consolidate on 110.20. While below the stage the downward will look with more potential.

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