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USD/JPY freak spike to session highs faded hard

FXStreet (Guatemala) - USD/JPY has popped back onto the 120 handle in a spike that rallied from 119.83 to 120.40 and to this time of writing, there has been nothing reported as yet, only the comments from Sakakibara.

Otherwise, it has been a quiet and tepid day in Tokyo with some downside pressures in the Yen due to the risk-off environment set by the FOMC outcome and message to markets that they are not able to hike rates while there still remains uncertainty around the outlook stemming from the slowdown in China. The 120.80 level was lost and until this can be reclaimed, immediate downside pressures will be testing the commitments of the bulls below the 120 handle.

USD/JPY neutral

Momentum to the downside has slowed in early Asia, albeit the loss of the 120 handle but the major remains in neutral territory. downside pressures through the 119.0and 118.0 handles exposes 116.14 as the August low as a base target for the bears.

Fat finger in Yen market?

USD/JPY has spiked over 60 pips in the blink of an eye, with still no clear catalyst as to what caused the rise in the rate from sub 120.00 level to 120.35/40.
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