USD/JPY drops to lowest since mid-December

FXStreet (Córdoba) - USD/JPY broke below 118.50 and tumbled to 118.04, reaching the lowest price since December 17 and extended the daily decline to more than 150 pips. Currently trades at 118.25, down 1.15%.

The yen is rising sharply across the board, as Wall Street stock indexes drop more than 1%. Crude oil is also plummeting trading at fresh multi-year lows below $48 a barrel (WTI).

The USD/JPY pair is falling for the second day in a row, retreating further after being unable to break the key short term resistance level located around 120.85.