USD/JPY extends slide to fresh two week lows near 109.00

USD/JPY continues to push lower in early American session.
USD struggles to find demand after Initial Jobless Claims data.
10-year US T-bond yield is losing more than 1% on Thursday.

Eren Sengezer FXStreet

The USD/JPY extended its daily slide in the early American session and touched its lowest level in two weeks at 109.00. As of writing, the pair was down 0.7% on a daily basis at 109.08.

DXY edges lower toward 92.00

The selling pressure surrounding the greenback seems to be weighing on USD/JPY on Thursday. After the data published by the US Department of Labor showed that the weekly Initial Jobless Claims rose to 744,000, compared to analysts' estimate of 680,000, the US Dollar Index (DXY) dropped to a daily low of 92.14. At the moment, the DXY is losing 0.28% at 92.17.

Furthermore, the benchmark 10-year US Treasury bond yield is falling 1.7% on the day, ramping up the bearish pressure on USD/JPY.

In the meantime, Wall Street's main indexes look to open in the positive territory with the S&P 500 Futures rising 0.3%. If risk flows start to dominate financial markets in the second half of the day, the JPY could have a hard time preserving its strength and limit USD/JPY's downside. Later in the day, St. Louis Fed President James Bullard, Minneapolis Fed President Neel Kashkari and FOMC Chairman Jerome Powell and will be delivering speeches.

Technical levels to watch for

USD/JPY

Overview
Today last price	109.03
Today Daily Change	-0.82
Today Daily Change %	-0.75
Today daily open	109.85

Trends
Daily SMA20	109.45
Daily SMA50	107.36
Daily SMA100	105.58
Daily SMA200	105.65

Levels
Previous Daily High	109.94
Previous Daily Low	109.58
Previous Weekly High	110.97
Previous Weekly Low	109.37
Previous Monthly High	110.97
Previous Monthly Low	106.37
Daily Fibonacci 38.2%	109.8
Daily Fibonacci 61.8%	109.72
Daily Pivot Point S1	109.64
Daily Pivot Point S2	109.43
Daily Pivot Point S3	109.27
Daily Pivot Point R1	110
Daily Pivot Point R2	110.15
Daily Pivot Point R3	110.36

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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