JadeFOREX

•Wall Street is crashing as the dollar gains momentum.
•The Japanese yen has not benefited from risk aversion.
•Going forward, USD/JPY is likely to challenge the resistance that exists at 138.00.

The dollar rose across the board at the Federal Open Market Committee meeting after weaker than expected U.S. economic data. USD/JPY rose above 137.50, nearing its weekly high.

Wall Street crashes and the world raises interest rates

The yen has been one of the weakest currencies in the U.S. session as yields in Europe have soared and Treasuries have held steady. On Wall Street, the Dow is down 1.95% and the Nasdaq more than 2%.

As central banks around the world continue to raise interest rates, risk aversion so far seems to fall short of that of the Bank of Japan.