Risk-off lifts Yen, pushes USD/JPY lower to 108.20


  • USD/JPY is trading at session lows near 108.20. 
  • Risk aversion in equities has likely put a bid under the JPY. 
  • Treasury yields are also losing altitude. 

With equities flashing red this Thursday morning in Asia, the anti-risk Japanese Yen is better bid and the USD/JPY is reporting a 0.26% drop. 

The pair has shed 30 pips in the last hour or so to hit a session low of 108.16. 

The futures on the S&P 500 are currently reporting a 0.27% drop. Meanwhile, major Asian equity indices like Hang Seng, Nikkei, and the Shanghai Composite are down at least 0.7% each. 

The equities are reporting losses likely due to lingering trade tensions. U.S. President Donald Trump said on Wednesday he had no specific deadline for a trade deal with China that would allow the world's second-largest economy to escape 25% tariff on its $300 billion worth of exports to the US, according to Reuters. 

If the risk aversion worsens in Europe, then USD/JPY will likely drop below the psychological support of 108.00. 

It is worth noting that the 10-year treasury yield is already feeling the pull of gravity and will likely add to the bearish tone around the USD/JPY pair. At press time, the yield is trading at 2.10%, having hit a high of 2.18% on Tuesday. 

Technical Levels

USD/JPY

Overview
Today last price 108.22
Today Daily Change -0.29
Today Daily Change % -0.27
Today daily open 108.51
 
Trends
Daily SMA20 109.14
Daily SMA50 110.38
Daily SMA100 110.52
Daily SMA200 111.26
Levels
Previous Daily High 108.58
Previous Daily Low 108.22
Previous Weekly High 108.62
Previous Weekly Low 107.81
Previous Monthly High 111.71
Previous Monthly Low 108.23
Daily Fibonacci 38.2% 108.36
Daily Fibonacci 61.8% 108.44
Daily Pivot Point S1 108.29
Daily Pivot Point S2 108.07
Daily Pivot Point S3 107.92
Daily Pivot Point R1 108.66
Daily Pivot Point R2 108.81
Daily Pivot Point R3 109.03

 

 

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