USD/JPY retreats further after Yellen, hits fresh lows under 113.00

Matías Salord FXStreet

The yen gained momentum across the board after the release of Fed Chair Yellen prepare remarks. Now she is answering to members of the House Financial Services Committee. The tone of Yellen reduced market expectations of a rate hike in September and boosted US bonds, sending yields to the downside.

Fed's Yellen speech : Given current taxing and spending decisions, debt is unsustainable

Fed's Yellen speech : Very focused on trying to achieve 2% inflation target

USD/JPY was already pulling back from 4-month highs (114.48) and turned even lower with the statement. The pair bottomed at 112.93, a 6-day low. Then it bounced to the upside, finding resistance at 113.40. It was trading at 113.05/10, 70 pips below yesterday’ closing price, having the worst performance in a month. From Tuesday’s highs, it lost 150 pips.

Price remains near the lows supported by moves in the bond market and despite the rally of equity prices in Wall Street. The Dow Jones is up 0.55% (reached a new intraday record high) while the Nasdaq gains 0.85%.

Levels to watch

To the upside resistance levels might be located at 113.40 (American session high), 113.75 and 113.95 (Jul 12 high). On the downside, support could be seen at 112.90/95 (daily low), 112.75 (Jul 4 low) and 112.45 (Jun 27 high).

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

GBP/USD climbs to two-day highs past 1.3200

GBP/USD picks up extra pace and surpasses the 1.3200 threshold on Thursday. That said, Cable manages to shrug off initial weakness and regain balance on the back of the fresh selling pressure hurting the Greenback.

EUR/USD pushes harder; focus is back to 1.1400

EUR/USD’s daily recovery now gathers steam, sending spot to the vicinity of the key 1.1400 barrier on Thursday. The pair’s bounce follows some decent loss of momentum in the US Dollar in the wake of the release of US PCE data and the weekly labour market readings.

Gold bounces from 2026 lows, remains pressured

Gold reverses part of its recent weakness on Thursday, managing to reclaim the area just above the $4,000 mark per troy ounce. The precious metal regains traction on the back of renewed selling interest in the Greenback, although expectations of rate hikes by the Fed are likely to keep buyers on the sidelines for now.

Bitcoin tests $60,000 as whales sell off – Aave and Jupiter show resilience

The broader cryptocurrency market remains under intense selling pressure, with Bitcoin back at $60,000 for the third time this year. On-chain data shows selling pressure from large-wallet investors, commonly referred to as whales, while total liquidations hit nearly $1 billion in 24 hours.

Crypto Today: Bitcoin, Ethereum, and Ripple defend their last line of defenses

The broader cryptocurrency market remains under immense downward pressure as investors' interest shifts toward lucrative AI and memory stocks. Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are holding above their June 6 lows, with bulls hoping short-term resilience will ward off sellers.

Regime change: Inside Kevin Warsh's first move to make the Fed unreadable on purpose

The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.