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.

Haresh Menghani FXStreet

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

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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