USD/JPY consolidates below 120.00

FXStreet (Córdoba) - USD/JPY dropped sharply from 120.60 and bottomed at 119.16, hitting the lowest price since December 19. Afterwards bounced to the upside, but the recovery was capped by 119.80.

Currently the pair is hovering around 119.50, more than a hundred pips below the price it closed on Monday, having so far the worst day in almost two weeks.

The Japanese currency is the best performer across the board on Tuesday, probably boosted by risk aversion and a bearish correction in the USD/JPY after rallying more than 400 pips since December 17.