Breaking: USD/JPY crashes to multi-year low near 101.50, risk-off tightens grip

FXStreet Team FXStreet

USD/JPY saw an aggressive selling wave in the last minutes, as the risk-off sentiment intensified, with the bears quickly eroded over 150-pips.

The spot collapsed to the lowest levels seen since November 2016 at 101.62, acelerating the declines from near 103.40 region.

At the press time, the pair has quickly bounced back above the 102 handle but the further upside remains elusive amid a 5% drop in S&P 500 futures, the slump in oil prices and almost 6% slide in the Japanese equities. Rest of Asia also remains in a sea of red.

Just as the USD/JPY pair crashed, a fresh selling wave gripped the fx board amid broad US dollar slump, with AUD/USD smashed to a new 11-year low of 0.6320, the Kiwi almost tested 0.6000 while EUR/USD broke past the 1.14 handle. Meanwhile, USD/CAD saw a momentary spike above 1.3750.

The relentless rise in the coronavirus cases across the globe kills the appetite for the risk assets, as gold holds fort above $1700.

USD/JPY Technical levels to watch

USD/JPY

Overview
Today last price	102.39
Today Daily Change	-2.20
Today Daily Change %	-2.09
Today daily open	105.5

Trends
Daily SMA20	109.38
Daily SMA50	109.32
Daily SMA100	109.14
Daily SMA200	108.35

Levels
Previous Daily High	106.34
Previous Daily Low	105
Previous Weekly High	108.58
Previous Weekly Low	105
Previous Monthly High	112.23
Previous Monthly Low	107.51
Daily Fibonacci 38.2%	105.51
Daily Fibonacci 61.8%	105.83
Daily Pivot Point S1	104.88
Daily Pivot Point S2	104.26
Daily Pivot Point S3	103.53
Daily Pivot Point R1	106.23
Daily Pivot Point R2	106.96
Daily Pivot Point R3	107.58

Author

FXStreet Team

FXStreet

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

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