USD/JPY consolidates in a range below 110.00 mark


  • USD/JPY failed to capitalize on the overnight bounce from multi-day lows.
  • Coronavirus concerns, sliding US bond yields continued to cap the upside.
  • The USD bullish tone does little to provide any impetus ahead of US data.

The USD/JPY pair lacked any firm directional bias and seesawed between tepid gains/minor losses through the Asian session on Friday.

The pair failed to capitalize on the previous session's late rebound from multi-day lows and was seen oscillating in a narrow trading band below the key 110.00 psychological mark. Some stability in the global risk sentiment undermined the Japanese yen's safe-haven demand and extended some support to the major.

Investors preferred to stay on the sidelines

The downside was further cushioned by the prevailing strong bullish tone surrounding the US dollar, albeit concerns about the economic impact of the deadly coronavirus held investors from placing bullish bets. This coupled with sliding US Treasury bond yields further collaborated towards capping the upside.

It is worth reporting that market worries over the outbreak of the virus in China resurfaced on Thursday after Hubei province reported a surge in the number of people infected, as the death toll neared 1,400.

Hence, it will be prudent to wait for a sustained break through the intraday trading range before positioning for any meaningful direction. Market participants now look forward to the release of the US retail sales data and the Michigan Consumer Sentiment Index for some meaningful trading impetus.

Technical levels to watch

USD/JPY

Overview
Today last price 109.78
Today Daily Change 0.00
Today Daily Change % 0.00
Today daily open 109.78
 
Trends
Daily SMA20 109.51
Daily SMA50 109.32
Daily SMA100 108.92
Daily SMA200 108.38
 
Levels
Previous Daily High 110.12
Previous Daily Low 109.62
Previous Weekly High 110.02
Previous Weekly Low 108.32
Previous Monthly High 110.29
Previous Monthly Low 107.65
Daily Fibonacci 38.2% 109.81
Daily Fibonacci 61.8% 109.93
Daily Pivot Point S1 109.56
Daily Pivot Point S2 109.34
Daily Pivot Point S3 109.06
Daily Pivot Point R1 110.06
Daily Pivot Point R2 110.34
Daily Pivot Point R3 110.57

 

 

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.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD: Growth concerns to keep weighing on the sentiment

The EUR/USD pair closed a second consecutive week unchanged around 1.1840, as the dollar got to appreciate ahead of the close on upbeat US data combined with risk-off. Sluggish global economic growth to keep weighing on the market’s sentiment.

EUR/USD News

GBP/USD: Brexit deal and coronavirus second wave leading the way

The GBP/USD pair stalled its weekly recovery on Friday, ending the day in the red at around 1.2915. Mild hopes related to a post-Brexit trade deal with the EU provided modest support to Sterling earlier in the week.

GBP/USD News

Gold: Next week's key macroeconomic events to keep an eye on

The troy ounce of the precious metal closed the week modestly higher at $1,950 but struggled to make a decisive move in either direction. Following its September policy meeting, the Federal Reserve kept its policy rate unchanged as ...

Gold News

It was the best of times, It was the worst of times

Economic reports from most of the major economies show the pace of the recovery has slowed.  In the same way, the recovery began before the end of the  Q2, the loss of economic momentum was seen as early as July in some series and August in others.

Read more

After yesterday's JMMC meeting WTI settles near $40 per barrel

WTI has been through a rollercoaster this week. The liquid gold has been in a downtrend leading into the OPEC+ JMMC meeting and then reversed the whole move. At the meeting the group agreed to extend the compensation period for overproduction till the end of December. 

Oil News

Forex MAJORS

Cryptocurrencies

Signatures