USD/JPY Forecast: Risk-off keeps it neutral in the near-term

Valeria Bednarik FXStreet

USD/JPY Current price: 105.47

US Senator McConnell said that they would pass a stimulus aid package after the elections.
Wall Street bounced ahead of the close, proving mild support to the pair.
USD/JPY is technically neutral needs to leave the 105.00/780 price zone.

The USD/JPY pair has recovered towards the 105.40 price zone during the US afternoon, as US indexes managed to bounce from daily lows on comments from US Senate Majority Leader McConnell, who said that they would pass a stimulus aid package after the election if they can’t get a deal with Democrats these days. Still, investors took the headline with a pinch of salt, and market’s reactions were limited, with the greenback maintaining its gains against most major rivals. Japan didn’t publish macroeconomic data of interest on Thursday, and the country’s calendar will remain empty this Friday.

USD/JPY short-term technical outlook

The intraday advance in the USD/JPY pair fell short of changing the bearish bias of the pair, which remains neutral in the near-term. The pair is now trading above a flat 20 SMA but below also directionless 100 and 200 SMAs. Technical indicators have advanced within negative levels but were unable to move into positive territory. The pair needs to clearly leave the 105.00/105.80 area to be able to gain some directional strength.

Support levels: 105.00 104.65 104.20

Resistance levels: 105.80 106.25 106.60

View Live Chart for the USD/JPY

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Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

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