USD/JPY cycling its way back up to the week's highs near 108.50

USD/JPY reversing week's declines on China's RRR cut.
Market sentiment going around in circles as investors heave between bad data and fiscal easing policies.

Joshua Gibson FXStreet

USD/JPY is bumping into the 108.40 region, bolstered by recovering risk appetite on the back of China's RRR cuts in an effort to unlock further market liquidity.

The Dollar-Yen pairing is looking to finish a run into the week's opening prices near 108.50, after the pair initially dropped into the 107.90 region on Monday following China's abysmal Trade Balance figures. Investor sentiment has shifted for Tuesday, with traders shrugging off Monday's data miss and the People's Bank of China (PBoC) RRR cut, in a bid to unlock further market liquidity, and the rate cut is helping to ease sentiment pressures, allowing the Yen to take a step lower as Pacific sector traders step out of their safe haven.

USD/JPY Technical Levels

USD/JPY

Overview:
    Today Last Price: 108.45
    Today Daily change: 25 pips
    Today Daily change %: 0.231%
    Today Daily Open: 108.2
Trends:
    Previous Daily SMA20: 109.8
    Previous Daily SMA50: 111.9
    Previous Daily SMA100: 112.14
    Previous Daily SMA200: 111.15
Levels:
    Previous Daily High: 108.56
    Previous Daily Low: 107.99
    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%: 108.21
    Previous Daily Fibonacci 61.8%: 108.34
    Previous Daily Pivot Point S1: 107.94
    Previous Daily Pivot Point S2: 107.67
    Previous Daily Pivot Point S3: 107.36
    Previous Daily Pivot Point R1: 108.52
    Previous Daily Pivot Point R2: 108.83
    Previous Daily Pivot Point R3: 109.09

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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