USD/JPY hits fresh weekly lows on US/China trade headlines

Yen consolidates gains on a quiet session and lower US yields.
US Dollar loses strength after DXY reached fresh monthly highs but failed to run higher.

Matías Salord FXStreet

The USD/JPY printed a fresh daily low during the American session amid a wave of risk aversion on US/China trade headlines. The pair dropped to 108.64, hitting a fresh one-week low and then bounced modestly to the upside.

Bearish pressure prevails

As of writing trades at 108.75/80, so far it remains above the 108.70/75 support area but still faces downside pressure. A break lower would likely accelerate the decline toward 108.45; below the next support stands at 108.20.

Price is about to close around daily lows after reports suggested that US-China trade talks are being affected by farm purchases. Those headlines boosted the demand for safe-haven assets further.

Earlier today, US inflation data and Fed’s Chair Powell comments at Congress were ignored by market participants. During the Asian session, Japanese growth data is due.

USD/JPY

Overview
Today last price	108.67
Today Daily Change	-0.32
Today Daily Change %	-0.29
Today daily open	108.99

Trends
Daily SMA20	108.75
Daily SMA50	108.09
Daily SMA100	107.67
Daily SMA200	109.03

Levels
Previous Daily High	109.3
Previous Daily Low	108.92
Previous Weekly High	109.49
Previous Weekly Low	108.1
Previous Monthly High	109.29
Previous Monthly Low	106.48
Daily Fibonacci 38.2%	109.06
Daily Fibonacci 61.8%	109.15
Daily Pivot Point S1	108.84
Daily Pivot Point S2	108.69
Daily Pivot Point S3	108.47
Daily Pivot Point R1	109.21
Daily Pivot Point R2	109.44
Daily Pivot Point R3	109.59

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

EUR/USD extends slide toward 1.1800 on renewed USD strength

EUR/USD extends its daily slide and trades at a fresh weekly low below 1.1850 in the second half of the day on Tuesday. Renewed US Dollar strength, combined with a softer risk tone keep the pair undermined alongside downbeat German ZEW sentiment readings for February.

GBP/USD falls below 1.3550, pressured by weak UK jobs report

GBP/USD remains under heavy bearish pressure and falls toward 1.3500 on Tuesday. The UK employment data highlighted worsening labor market conditions, bolstering bets for a BoE interest rate cut next month and making it difficult for Pound Sterling to stay resilient against its peers.

Gold recovers modestly, stays deep in red below $4,950

Gold (XAU/USD) stages a rebound but remains deep in negative territory below $4,950 after touching its weakest level in over a week near $4,850 earlier in the day. Renewed US Dollar strength makes it difficult for XAU/USD to gather recovery momentum despite the risk-averse market atmosphere.

Crypto Today: Bitcoin, Ethereum, XRP upside looks limited amid deteriorating retail demand

The cryptocurrency market extends weakness with major coins including Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) trading in sideways price action at the time of writing on Tuesday.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.