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USD/JPY: Yen finds takers as equities turn red

1 month ago   |   By FXCM

Yen is drawing bids amid risk-off tone in the equity markets.
Risk is being sold likely due to lingering coronavirus concerns.
The pair has formed a bearish reversal pattern on the hourly chart.
The bid tone around the Japanese Yen strengthened in Asia, pushing USD/JPY lower from 109.90 to 109.70, possibly tracking the risk-averse mood in the equity markets.
Risk-off tone
The futures on the S&P 500 are currently reporting a 30% drop on the day. Meanwhile, stocks in South Korea and Hong Kong are currently shedding more than 1%. Major indices like Japan's Nikkei and China's Shanghai...
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