USD/JPY sell-off intensifies amid negative equities, 103 eyed
|The USD/JPY pair extends its retreat from above 104 levels and meets fresh supply near 5-DMA in early Europe, now knocking-off the major back below the mid-point of 103 handle.
Yen regains footing amid risk-off
The JPY bulls finally took over complete control in the European session, after a renewed risk-aversion wave hit the markets as the European equities fell back in the red zone.
Moreover, fresh selling in the greenback against its major rivals, triggered by the extension of losses in the 2-year treasury yields, also dragged the USD/JPY pair deeper into the red zone.
The USD/JPY pair is seen last exchanging hands at 103.34, moving-off daily lows of 103.25, still down -0.47% on the day. Later today, the major will get influenced by the US datasets, Fed’s Beige book and Fedspeaks.
USD/JPY Technical levels to watch
In terms of technicals , the immediate resistance is located at 103.96/104 (5-DMA/ round figure). A break above the last, the major could test 104.50 (psychological levels) and 104.63 (3-month high) beyond the last. While to the downside, the immediate support is seen at 103.00 (key support) next at 102.87 (20-DMA) and below that at 102.56 (100-DMA).
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.