• Japanese yen among top performers on Monday on the back of risk aversion. 
  • US dollar posts mixed results, DXY rebounds, erasing losses. 

The USD/JPY has been falling constantly over the last four hours and recently it accelerated the decline. It printed a fresh one-week low at 107.61 and remains nearby, under pressure. 

The yen is rising across the board and it strengthened after the American session as Wall Street extended losses. The Dow Jones is falling 2% and the Nasdaq 0.75%. Crude oil gains 1% after weekend’s production cut agreement. US yields are moving sideways, despite the decline of USD/JPY

Market sentiment will likely continue to be the key driver. No new economic data from the US will be released on Monday. On Wednesday, retail sales and industrial production reports are due. “In the US, the first effects of the coronavirus will certainly be clearly visible in a host of indicators for March due to be released this week. Industrial production might have shrunken 2.5% while retail sales could have registered their worst monthly decline on record. Housing starts, for their part, may have held up better during the month, but they are also expected to drop drastically in April,” explained analysts at National Bank of Canada. 

Regarding the coronavirus, US President Trump mentioned it's his decision when to open up the economy and that a decision “will be made shortly.”

Technical levels 

USD/JPY

Overview
Today last price 107.71
Today Daily Change -0.75
Today Daily Change % -0.69
Today daily open 108.46
 
Trends
Daily SMA20 108.86
Daily SMA50 108.75
Daily SMA100 108.98
Daily SMA200 108.35
 
Levels
Previous Daily High 108.6
Previous Daily Low 108.33
Previous Weekly High 109.38
Previous Weekly Low 108.21
Previous Monthly High 111.72
Previous Monthly Low 101.18
Daily Fibonacci 38.2% 108.43
Daily Fibonacci 61.8% 108.49
Daily Pivot Point S1 108.32
Daily Pivot Point S2 108.19
Daily Pivot Point S3 108.06
Daily Pivot Point R1 108.59
Daily Pivot Point R2 108.73
Daily Pivot Point R3 108.86

 

 

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