The Japanese Yen just tumbled to the lowest level since July 2007

The Japanese Yen has fallen to its lowest level against the US Dollar since July 9, 2007 this afternoon.

Currently the pair sits at 122.45, fractionally below the daily high of 122.66 struck in early European trade.

Having traded in a narrow range in recent months, the upside break, if sustained, may see the pair test the multi-decade high of 123.89 struck in June 2007.

US Dollar strength is Tuesday’s dominant theme so far with the USD index up 1% from Monday’s closing level.

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