USD/JPY clings to gains, bulls eyeing a sustained move beyond 110.00 mark

USD/JPY regains some positive traction amid improving risk sentiment.
The prevalent bullish tone surrounding the USD remained supportive.

Haresh Menghani FXStreet

The USD/JPY pair managed to catch some fresh bids on Wednesday, albeit seemed struggling to extend the momentum further beyond the key 110.00 psychological mark.

As investors assessed the risk of the outbreak of a new coronavirus in China, improving global risk sentiment undermined demand for traditional safe-haven assets – including the Japanese yen – and helped the pair to regain some positive traction on Tuesday.

USD/JPY supported by fading safe-haven demand/stronger USD

The risk-on flow was evident from a positive mood around equity markets. The same was further reinforced by a goodish pickup in the US Treasury bond yields, which provided a goodish lift to the US dollar and remained supportive of the bid tone surrounding the major.

Despite the positive factors, the intraday uptick lacked any strong bullish conviction amid absent relevant fundamental catalyst. Hence, it will be prudent to wait for some strong follow-through buying before positioning for any further near-term appreciating move.

In absence of any major market-moving economic releases from the US, the broader market risk sentiment and the USD price dynamics might continue to act as key determinants of the pair's momentum and produce some short-term trading opportunities on Wednesday.

Technical levels to watch

USD/JPY

Overview
Today last price	110.01
Today Daily Change	0.20
Today Daily Change %	0.18
Today daily open	109.81

Trends
Daily SMA20	109.32
Daily SMA50	109.13
Daily SMA100	108.61
Daily SMA200	108.55

Levels
Previous Daily High	110.23
Previous Daily Low	109.76
Previous Weekly High	110.3
Previous Weekly Low	109.46
Previous Monthly High	109.8
Previous Monthly Low	108.43
Daily Fibonacci 38.2%	109.94
Daily Fibonacci 61.8%	110.05
Daily Pivot Point S1	109.64
Daily Pivot Point S2	109.47
Daily Pivot Point S3	109.17
Daily Pivot Point R1	110.11
Daily Pivot Point R2	110.4
Daily Pivot Point R3	110.57

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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