CM: Yen strengthen further, EUR/JPY on fresh 8 ½ - year low
FXstreet.com (Barcelona) - JPY is displaying a notorious sweeping effect across the FX Market, smashing major currencies across the board. The Japanese typhoon shook off the market without making concessions at all. The currency is driven mostly by risk aversion on Europe debt concerns coupled with a faltering economic recovery.
Against its main rival, USD/JPY dipped down to 88.52, extending its 7 week low. EUR/JPY crushed nearly 200 pips to hit a new fresh 8 ½ year low at 107.80, not seen since November 2001. Current price is resting at 108.05, GBP/JPY also fell to 132.95 level, while AUD/JPY was sagged to 75.72, marking a fresh new 3-week low.
