USD/JPY hits fresh weekly lows near 107.00 as Wall Street tumbles
|- Safe-haven assets soar as DOW JONES drops almost 2%.
- USD/JPY tumbles toward 107.00, suffers the worst slide since mid-August.
The USD/JPY pair dropped further during the American session and bottomed at 107.16, hitting the lowest level in a week. It remains near the lows, under pressure.
Stocks and yields tumble, Yen soars
The DOW JONES is losing almost five hundred points so far on Wednesday, at the lowest since August. Economic reports from the US created more concerns about the state of the economy. The ADP report and the ISM New York came in below expectations. The S&P 500 falls 1.90% and the NASDAQ 1.81%.
US yields tumbled with the 10-year falling for the fifth-day in-a-row, now under 1.60% at the lowest since September 9. Other safe-haven assets like the Swiss Franc and Gold are sharply higher. The Yen is among the top performers in the market amid fears about global growth.
On Thursday, data from the US service sector is due and could have a large impact on market while on Friday will be the turn of the Non-Farm Payroll report.
Levels to watch
If the slide continues, the next support might be seen at 106.95 (last week low) followed by 106.60 (Sep 6 low) and 106.20. On the upside, resistance levels might now lie at 107.55, 107.70 (20-day moving average) and 108.05.
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