Risk-off dynamics back into play: JPY, EUR, GBP gather momentum

FXStreet (Bali) - USD/JPY keeps selling-off 2h into Tokyo with the next level of support at 120.70/75 now being tested, with still talk of solid bids around the area.

Asian equities in the red

S&P futures, the Nikkei 225 and the Shanghai Composite are all trading heavy today, down -174%, -2.13% and -2.2% respectively, with the risk-off conditions benefiting the Japanese Yen, the British Pound and the Euro the most.

USD/JPY technicals

According to Valeria Bednarik, Chief Analyst at FXStreet: "The immediate support for the pair was at 121.00 (broken), the 200 DMA, so it will take now a break below 120.60 to confirm a bearish continuation for this Tuesday."