Confidence Deteriorating as AUD/USD, AUD/JPY and USD/JPY Test Support
- USDJPY still at risk for decline into ¥101.50.
- Emerging market currencies back under pressure.
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Euro-Zone inflation fell back to a post-2008 crisis low but investors are focused on the return of emerging market fears return over the past several hours. The higher yielding major currencies, notably the Australian Dollar, is suffering against lower yielding counterparts, the Japanese Yen and the US Dollar.
A number of JPY-crosses are nearing significant short-term levels that could see breakouts develop if risk appetite continues to suffer.
--- Written by Christopher Vecchio, Currency Analyst
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.