USD/JPY: Bulls stay in control towards key resistance

  • USD/JPY consolidates as markets weigh getting back to work vs the spread of COVID-19.
  • Markets will now tune into deteriorating economic data.

USD/JPY is on the bid in Tokyo to a key resistance target in the 107.80s, extending its opening bullish trajectory, +0.22% at the time of writing having travelled from a low of 107.47 to a high of 107.76. USD/JPY has been consolidating over recent sessions as the US dollar ebbs and flows and sentiment surrounding COVID-19 flips on each conflicting headline. 

The greenback has dominated the FX space of late having dropped from the 103 highs in the DXY to test the 98 handle before gaining positive traction again and running into resistance as markets look to a light at the end of the COVID-19 tunnel.

We have seen a positive reaction in equities to the prospects of nations getting back to work as the cases of the spread slow and economies need businesses to get back to work. US President Donald Trump also has announced promising test results of a cure for COVID-19. 

Meanwhile, Japan March exports logged the biggest year-on-year decline since July 2016, and w are likely to see more terrible data over the coming weeks as the lockdown starts to kick in:

The Ministry of Finance official explained that the global spread of the coronavirus outbreak likely affected japan's exports and imports, closely watching developments. Japan's exports fell 11.7% in March from a year earlier, the Ministry of Finance (MOF) data showed on Monday.

  • That compared with a 10.1% decrease expected by economists in a Reuters poll and followed a 1.0% fall in February.
  • Imports fell 5.0% in the year to March, versus the median estimate for a 9.8% decline, and a 13.9% drop in the prior month.
  • The trade balance came to a surplus of 4.9 billion yen, versus the median estimate for a 420.0 billion yen surplus.

USD/JPY levels


Today last price 107.77
Today Daily Change 0.23
Today Daily Change % 0.21
Today daily open 107.54
Daily SMA20 108.59
Daily SMA50 108.56
Daily SMA100 108.89
Daily SMA200 108.33
Previous Daily High 108.09
Previous Daily Low 107.3
Previous Weekly High 108.52
Previous Weekly Low 106.93
Previous Monthly High 111.72
Previous Monthly Low 101.18
Daily Fibonacci 38.2% 107.6
Daily Fibonacci 61.8% 107.79
Daily Pivot Point S1 107.2
Daily Pivot Point S2 106.86
Daily Pivot Point S3 106.41
Daily Pivot Point R1 107.98
Daily Pivot Point R2 108.43
Daily Pivot Point R3 108.77



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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD: Steady above 1.1300 ahead of US data, Fed’s Powell

EUR/USD is consolidating gains above 1.1300, as the US dollar looks to stabilize after Powell and Omicron covid variant induced bond market volatility. Eurozone inflation refreshes record top, ECB policymakers cite growth concerns to defend easy money policies. US ADP, ISM PMI and Powell’s testimony 2.0 eyed.


GBP/USD ignores Brexit, Omicron woes past 1.3300, UK/US data, BOE’s Bailey eyed

GBP/USD holds onto recovery moves from yearly low. France step-back on Brexit battle but it’s not fishing, traders push-back BOE rate hike calls to 2022 on more Omicron cases in UK. UK/US PMIs, ADP Employment Change will decorate calendar.


Gold: Path of least resistance is down, levels to watch Premium

Gold price corrects from four-week lows towards $1,800 but downside bias remains intact. Hawkish Fed Chair Powell and the Omicron covid fears take bond and gold markets on a spin. All eyes now remain on the US ADP, ISM PMI and Powell for fresh impetus. 

Gold News

Chainlink price ready to reverse, 30% upswing likely for LINK

Chainlink price seems ready for a reversal of its two-week downswing as it attempts to create a higher high. This outlook is also supported by on-chain metrics, which suggest the possibility of accumulation at the current levels for LINK.

Read more

Cyber Monday 2021 Discounts!

Glued to your trading screen on Cyber Monday? Upgrade your skills by signing up for FXStreet’s Premium service, offered at a discount of up to 50%. Fellow traders have already taken advantage of Black Friday profits. What about you? 

Subscribe now!