USD/JPY bounces-off lows ahead of 108.00 amid risk-off

The Yen benefits from risk-off action in the Asian equities, as Chinese trade data weigh
A breach of 108.00 looks likely amid global growth concerns, next support is seen at 107.77 - Thursday’s low.

Dhwani Mehta FXStreet

The USD/JPY pair is seen making tepid recovery attempts from just ahead of the 108 handle, as the Yen bulls take a breather after the Asian rally.

Despite the latest bounce, the spot remains exposed to downside risks and looks to test Thursday’s low of 107.77 amid widespread risk-aversion, fuelled by the disappointing Chinese trade figures that stoked global growth fears and lifted the demand for the safe-havens at the expense of the higher-yielding assets such as the equities, oil prices and Treasury yields.

The declines in the US yields dragged the US dollar lower across the board, which further collaborated to the downbeat tone around the major, as the US shutdown worries and dovish Fedspeak continue to weigh negatively on the greenback.

In the day, the pair will continue to remain at the mercy of the risk trends, in absence of fresh fundamental drivers and light trading. Japanese markets remain closed today in observance of a National holiday.

USD/JPY Technical Levels

USD/JPY

Overview:
    Today Last Price: 108.16
    Today Daily change: -39 pips
    Today Daily change %: -0.359%
    Today Daily Open: 108.55
Trends:
    Previous Daily SMA20: 110.03
    Previous Daily SMA50: 112
    Previous Daily SMA100: 112.17
    Previous Daily SMA200: 111.14
Levels:
    Previous Daily High: 108.6
    Previous Daily Low: 108.14
    Previous Weekly High: 109.09
    Previous Weekly Low: 107.77
    Previous Monthly High: 113.83
    Previous Monthly Low: 109.55
    Previous Daily Fibonacci 38.2%: 108.43
    Previous Daily Fibonacci 61.8%: 108.32
    Previous Daily Pivot Point S1: 108.26
    Previous Daily Pivot Point S2: 107.97
    Previous Daily Pivot Point S3: 107.8
    Previous Daily Pivot Point R1: 108.72
    Previous Daily Pivot Point R2: 108.89
    Previous Daily Pivot Point R3: 109.18

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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