USD/JPY attacks 110.00 as US 10-year treasury yields flash fresh record lows

USD/JPY keeps the losses as coronavirus-led risk-off continues.
The US 10-year treasury yields, equity futures keep dwindle as President Trump failed to hide the fears.
US data, Coronavirus task force meeting in the spotlight.

Anil Panchal FXStreet

USD/JPY seesaws around 110.10, down 0.30%, following its brief dip to the intra-day low of 109.9950, ahead of the European open on Thursday. While the broad risk-off due to the coronavirus (COVID-19) outbreak keeps the Japanese yen strong, the latest south-run of the US treasury yields and equities keep traders away from the US dollar.

That said, the US 10-year treasury yields dropped to the fresh record low of 1.299% before few minutes whereas the S&P 500 Futures lose 1.43% to 3,065 by the time of writing.

US President Donald Trump tried to placate traders during this press conference concerning the Chinese epidemic on Wednesday night. However, his remarks that the virus will probably spread in the US, as well as announcement of the US coronavirus task force meeting at 19:30 GMT today, kept the risk-off alive.

John Hopkins CSSE portrays that the number of confirmed cases outside China rose from roughly 2.75K to 3.2K, marking the biggest daily increase on record. The same increases the fears of a wide outbreak of the COVID-19 while the latest numbers from South Korea have been worries. Furthering the risk aversion could be many firsts in the coronavirus list during the last 24 hours.

Traders will now look towards the US data for intermediate relief from the coronavirus-led risk-off, if not then comments from the Chicago Fed’s Charles Evans will be closely watched.

Technical Analysis

The 111.00 holds the key to the pair’s run-up to challenge the monthly high near 112.20. Sustained trading below the same could gradually drag the quote towards 109.70 and 109.50 numbers to the south.

Additional important levels

Overview
Today last price	110.1
Today Daily Change	-34 pips
Today Daily Change %	-0.31%
Today daily open	110.44

Trends
Daily SMA20	110.01
Daily SMA50	109.6
Daily SMA100	109.21
Daily SMA200	108.41

Levels
Previous Daily High	110.7
Previous Daily Low	110.09
Previous Weekly High	112.23
Previous Weekly Low	109.66
Previous Monthly High	110.29
Previous Monthly Low	107.65
Daily Fibonacci 38.2%	110.47
Daily Fibonacci 61.8%	110.33
Daily Pivot Point S1	110.12
Daily Pivot Point S2	109.8
Daily Pivot Point S3	109.51
Daily Pivot Point R1	110.73
Daily Pivot Point R2	111.02
Daily Pivot Point R3	111.34

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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