May 15, 2009 / 7:59 AM / 10 years ago

FOREX-Dollar hits 2-month low below 95 yen

LONDON, May 15 (Reuters) - The dollar fell below 95 yen on Friday for the first time in almost two months, pushed down by yen buying against other currencies and as traders tested a key technical chart point and options levels.

The dollar traded as low as 94.98 yen JPY= on the EBS trading platform, traders said, the lowest since March 20, falling through the 100-day moving average of 95.14 yen.

The spot price hasn’t closed below the 100-day moving average since February 20, Reuters charts show, and at 0745 GMT the dollar had recovered to 95.25 yen, still down two thirds of a percent on the day.

The euro’s losses after data showed an unexpectedly steep contraction in the German economy was also a factor. The euro was last down 1 percent on the day at 129.60 yen EURJPY=, testing support at the 55-day moving average at 129.64 yen. Traders said the market was testing options-related levels in dollar/yen at 95.00 yen and 94.90 yen. Analysts said falling U.S. bond yields, signs of the global “risk rally” fading and Japanese investors buying domestic assets supported the yen too.

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below