EUR/JPY drops back from session highs above 128.50 to test key support at 127.50
|- EUR/JPY reversed from highs above 128.50 to lows close to 127.50 over the course of Wednesday’s session.
- The move lower went in tandem with an elevation of safe-haven demand as broad risk appetite deteriorated.
Appetite for safe-haven assets has picked up in recent trade amid a deterioration in US (and global) equity market sentiment, EUR/JPY has been heading lower and looks on course to end the day with losses of about 0.5%. The first Omicron Covid-19 infection has been picked up in the US and, as the variant’s infection rate surges in South Africa, US stock investors have seemingly thrown in the towel. The S&P 500 is now down over 0.5% on the day having been nearly 2.0% higher in pre-market trade.
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