USD/JPY hits fresh lows under 109.00 as Wall Street erases gains

Risk aversion during American session boosts Japanese yen across the board.
US President Trump fails to boost optimism on trade speaking in NY.

The USD/JPY pair printed fresh lows during the American session as equity prices moved off highs in Wall Street. The pair continued to retreat after being unable to break above 109.30 and fell below 109.00.

It printed a fresh daily low at 108.91, slightly above yesterday’s low. As of writing, it is hovering around 109.00, posting modest losses for the day. The yen strengthened across the board during the American session and after US President Trump's speech. Trump did not point toward an agreement with China and said that Europe had set up 'terrible' barriers for the US.

Technical outlook

The USD/JPY is trading lower in range, with the risk skewed to the downside in the 4-hour chart, as the price remains below a flat 20 simple moving average while technical indicators head south within negative levels according to Valeria Bednarik, Chief Analyst at FXStreet.

“The downside potential seems limited, with an immediate support at 108.90, and the next one at 108.65. It will be below this last that the pair would have chances of declining further”, Bednarik added.

USD/JPY

Overview
Today last price	109.01
Today Daily Change	-0.04
Today Daily Change %	-0.04
Today daily open	109.05

Trends
Daily SMA20	108.74
Daily SMA50	108.03
Daily SMA100	107.65
Daily SMA200	109.03

Levels
Previous Daily High	109.26
Previous Daily Low	108.9
Previous Weekly High	109.49
Previous Weekly Low	108.1
Previous Monthly High	109.29
Previous Monthly Low	106.48
Daily Fibonacci 38.2%	109.03
Daily Fibonacci 61.8%	109.12
Daily Pivot Point S1	108.88
Daily Pivot Point S2	108.71
Daily Pivot Point S3	108.52
Daily Pivot Point R1	109.24
Daily Pivot Point R2	109.43
Daily Pivot Point R3	109.6

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