USD/JPY bounces-off lows ahead of 108.00 amid risk-off
|- The Yen benefits from risk-off action in the Asian equities, as Chinese trade data weigh
- A breach of 108.00 looks likely amid global growth concerns, next support is seen at 107.77 - Thursday’s low.
The USD/JPY pair is seen making tepid recovery attempts from just ahead of the 108 handle, as the Yen bulls take a breather after the Asian rally.
Despite the latest bounce, the spot remains exposed to downside risks and looks to test Thursday’s low of 107.77 amid widespread risk-aversion, fuelled by the disappointing Chinese trade figures that stoked global growth fears and lifted the demand for the safe-havens at the expense of the higher-yielding assets such as the equities, oil prices and Treasury yields.
The declines in the US yields dragged the US dollar lower across the board, which further collaborated to the downbeat tone around the major, as the US shutdown worries and dovish Fedspeak continue to weigh negatively on the greenback.
In the day, the pair will continue to remain at the mercy of the risk trends, in absence of fresh fundamental drivers and light trading. Japanese markets remain closed today in observance of a National holiday.
USD/JPY Technical Levels
USD/JPY
Overview:
Today Last Price: 108.16
Today Daily change: -39 pips
Today Daily change %: -0.359%
Today Daily Open: 108.55
Trends:
Previous Daily SMA20: 110.03
Previous Daily SMA50: 112
Previous Daily SMA100: 112.17
Previous Daily SMA200: 111.14
Levels:
Previous Daily High: 108.6
Previous Daily Low: 108.14
Previous Weekly High: 109.09
Previous Weekly Low: 107.77
Previous Monthly High: 113.83
Previous Monthly Low: 109.55
Previous Daily Fibonacci 38.2%: 108.43
Previous Daily Fibonacci 61.8%: 108.32
Previous Daily Pivot Point S1: 108.26
Previous Daily Pivot Point S2: 107.97
Previous Daily Pivot Point S3: 107.8
Previous Daily Pivot Point R1: 108.72
Previous Daily Pivot Point R2: 108.89
Previous Daily Pivot Point R3: 109.18
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.