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.

EUR/USD holds losses near 1.1850 as US, China holidays keep trade muted

EUR/USD opens the week on a softer note, trading near 1.1860 during the Asian session on Monday. Activity is likely to remain muted, with United States markets closed for the Presidents’ Day holiday, while Mainland China is also shut for the week-long Lunar New Year break.

GBP/USD flat lines as traders await key UK macro data and FOMC minutes

The GBP/USD pair kicks off a new week on a subdued note and oscillates in a narrow range, just below mid-1.3600s, during the Asian session. Moreover, the mixed fundamental backdrop warrants some caution for aggressive traders as the market focus now shifts to this week's important releases from the UK and the US.

Gold remains below $5,050 despite Fed rate cut bets, uncertain geopolitical tensions

Gold edges lower after registering over 2% gains in the previous session, trading around $5,030 per troy ounce during the Asian hours on Monday. However, the non-interest-bearing Gold could further gain ground following softer January Consumer Price Index figures, which reinforced expectations that the Federal Reserve could cut rates later this year.

Week ahead: Data blitz, Fed Minutes and RBNZ decision in the spotlight

The US jobs report for January, which was delayed slightly, didn’t do the dovish Fed bets any favours, as expectations of a soft print did not materialize, confounding the raft of weak job indicators seen in the prior week.

Global inflation watch: Signs of cooling services inflation

Realized inflation landed close to expectations in January, as negative base effects weighed on the annual rates. Remaining sticky inflation is largely explained by services, while tariff-driven goods inflation remains limited even in the US.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.