USD/JPY finds support above 108.50 and erases losses


  • US Dollar weakens again across the board but holds steady against Japanese Yen. 
  • USD/JPY trapped in a small range near two-month highs. 

The USD/JPY erased all the losses that followed the US Retail Sales report, and it trades at 108.75/80, flat for the day and off lows. The pair is following US equity prices and remains supported by the improvement in risk sentiment over the last days and the rebound in yields. 

Data not helping US Dollar 

On a quiet session so far, excluding GBP’s crosses, the USD/JPY is trapped in a 30-pip range. It peaked earlier today at 108.85 and bottomed after the release of US data at 108.55. It holds close to the two-month high it reached yesterday at 108.89.

Retail sales in September dropped for the first time in seven months showing numbers below expectations. The Greenback fell across the board after the report but modestly. Attention continues to be on trade talks between the US and China and the Brexit negotiations. Later today, there will be a briefing from the European Union, around 17:00 GMT. 

Technical outlook 

After yesterday’s breakout above 108.50, the USD/JPY holds bullish bias. Now the next strong resistance is seen around 109.00, followed by 109.25/30. If the pair drops below 108.45, the bullish pressure will likely ease. Below support levels might lie at 108.15 and 107.75. 

 

USD/JPY

Overview
Today last price 108.82
Today Daily Change -0.04
Today Daily Change % -0.04
Today daily open 108.86
 
Trends
Daily SMA20 107.72
Daily SMA50 107.05
Daily SMA100 107.57
Daily SMA200 109.07
 
Levels
Previous Daily High 108.9
Previous Daily Low 108.15
Previous Weekly High 108.63
Previous Weekly Low 106.65
Previous Monthly High 108.48
Previous Monthly Low 105.74
Daily Fibonacci 38.2% 108.62
Daily Fibonacci 61.8% 108.44
Daily Pivot Point S1 108.38
Daily Pivot Point S2 107.89
Daily Pivot Point S3 107.63
Daily Pivot Point R1 109.12
Daily Pivot Point R2 109.38
Daily Pivot Point R3 109.87

 

 

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.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD under pressure just above 1.1000

Despite easing demand for the greenback, the EUR/USD pair remained subdued, holding just above the 1.1000f figure. Speculative interest waiting for a catalyst.

 

EUR/USD News

GBP/USD surges on renewed Brexit hopes

The Sterling beat all of its rivals after Brexit Party’s leader, Nigel Farage, expressed support for Conservatives. Brexit deal coming post-elections?

GBP/USD News

USD/JPY trims losses, rises back above 109.00

The USD/JPY pair trimmed losses over the last hours amid a recovery of the US dollar and despite the decline in equity prices in Wall Street.

USD/JPY News

Gold rebounds from multi-month lows, trades around $1,455

After posting its largest weekly percentage drop of the year and erasing more than $50, the troy ounce of the precious metal remained under pressure on Monday with the XAU/USD pair slumping to its lowest level since early August at $1,452.

Gold News

Central bankers link the future to blockchain projects

The race towards the tokenization of sovereign currencies has begun a long time ago, but it finally enjoying its time in the sun. China has announced its intention to create an e-Yuan, and also in Europe, institutions are considering the matter.

Read more

Forex MAJORS

Cryptocurrencies

Signatures