USD/JPY: Bears headed to 109.00, as risk-off extends into Asia
|- Safe-haven Yen boosted amid risk-off, as Asian equities tumble in sync with S&P 500 futures.
- Japan’s Cabinet Office: Govt downgrades view on exports to showing `weak tone'
- Technical set up points to further downside bias, as eyes remain on US-China trade talks and Fed.
The USD/JPY pair stalled its overnight recovery mode near 109.40 levels and turned lower once again in early Asia, tracking the negative sentiment on the Asian equities that is fed by the Wall Street decline amid softer earnings reports, US-China trade worries and global growth concerns,
The risk-off tones offered a fresh lift to the JPY bulls, knocking-off the USD/JPY pair back towards the weekly troughs of 109.14 but the sentiment around the Japanese currency was somewhat dented after the Japanese government downgraded its view on exports this month for the first time in three months. At the press time, the spot keeps its range near the weekly lows, with the bears now targeting the 109 handle. Meanwhile, the US dollar also remains broadly subdued, offering little help to the major. The USD traders turn on the side lines ahead of the Fed’s two-day policy meeting and trade talks between China and the US.
Calendar-wise, the US CB consumer confidence will offer some trading incentives to the NA traders among other minority reports while the Japanese trade figures will be also closely watched later on Tuesday.
USD/JPY Technical Levels
USD/JPY
Overview:
Today Last Price: 109.2
Today Daily change: 18 pips
Today Daily change %: -0.16%
Today Daily Open: 109.38
Trends:
Daily SMA20: 108.97
Daily SMA50: 111.08
Daily SMA100: 111.96
Daily SMA200: 111.26
Levels:
Previous Daily High: 109.59
Previous Daily Low: 109.16
Previous Weekly High: 110
Previous Weekly Low: 109.14
Previous Monthly High: 113.83
Previous Monthly Low: 109.55
Daily Fibonacci 38.2%: 109.32
Daily Fibonacci 61.8%: 109.43
Daily Pivot Point S1: 109.16
Daily Pivot Point S2: 108.95
Daily Pivot Point S3: 108.73
Daily Pivot Point R1: 109.59
Daily Pivot Point R2: 109.8
Daily Pivot Point R3: 110.02
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.