USD/JPY keeps the red below 110.00 mark, moves little post-US CPI


  • Renewed concerns over coronavirus prompted some heavy selling around USD/JPY.
  • Sliding US bond yields weighed on the USD and did little to ease the bearish pressure.
  • Traders seemed rather unaffected by mixed US consumer inflation figures for January.

The USD/JPY pair maintained its heavily offered tone, around the 109.75 region and failed to gain any respite from the US macro data.

Having struggled to find acceptance above the key 110.00 psychological mark, the pair came under some intense selling pressure on Thursday and surrendered its recent gains recorded over the past three trading sessions to three-week tops

USD/JPY weighed down by risk-off mood

A turnaround in the global risk sentiment, led by renewed concerns over the outbreak of the deadly coronavirus, provided a goodish lift to the Japanese yen's perceived safe-haven status and exerted some heavy pressure on the major.

The risk-off mood was further reinforced by a fresh leg of a downfall in the US Treasury bond yields, which coupled with a strong upsurge in the British pound kept the US dollar bulls on the defensive and did little to lend any support.

The USD failed to gain any respite following the release of mixed US consumer inflation figures for January. In fact, the headline CPI unexpectedly edged higher to 0.1% MoM during the reported month, while the yearly rate climbed to 2.5% from 2.3% previous and 2.4% expected.

With Thursday's key US macro data out of the way, the broader market risk sentiment might continue to influence the JPY's safe-haven demand and will play a key role in producing some meaningful trading opportunities around the major.

Technical levels to watch

USD/JPY

Overview
Today last price 109.73
Today Daily Change -0.34
Today Daily Change % -0.31
Today daily open 110.07
 
Trends
Daily SMA20 109.53
Daily SMA50 109.3
Daily SMA100 108.9
Daily SMA200 108.38
 
Levels
Previous Daily High 110.14
Previous Daily Low 109.77
Previous Weekly High 110.02
Previous Weekly Low 108.32
Previous Monthly High 110.29
Previous Monthly Low 107.65
Daily Fibonacci 38.2% 110
Daily Fibonacci 61.8% 109.91
Daily Pivot Point S1 109.85
Daily Pivot Point S2 109.63
Daily Pivot Point S3 109.48
Daily Pivot Point R1 110.22
Daily Pivot Point R2 110.36
Daily Pivot Point R3 110.58

 

 

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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

How do emotions affect trade?
Follow up our daily analysts guidance

Subscribe Today!    

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD remains pressured after US data misses estimates

EUR/USD is trading closer to 1.1750, paring its recovery from earlier in the day as the safe-haven dollar is bid. US Consumer Sentiment missed estimates with 72 points in September. The financial woes of China's Evergrande are weighing on sentiment.

EUR/USD News

GBP/USD trades under 1.38 amid on UK data, dollar strength

GBP/USD is on the back foot, trading under 1.38 after UK Retail Sales figures disappointed with -0.9% in August, worse than expected. Brexit uncertainty and dollar demand weighed on the pair earlier. 

GBP/USD News

XAU/USD surrenders intraday gains, drops closer to $1,750 level

Gold struggled to preserve its intraday gains and dropped to the lower end of the daily trading range during the early North American session. 

Gold News

Experts say Ripple will win SEC lawsuit, which might propel XRP to new all-time highs

The latest development in the ongoing SEC vs. Ripple lawsuit is that documents are classified as privileged and blocked for public viewing. Though institutional investors are yet to take big bets on the altcoin in 2021, retail investors are actively trading in XRP.

Read more

US Michigan Consumer Sentiment Preview: Markets will have to look hard for positive signs

Consumer outlook expected to rebound to 72.2 in September. August’s 70.2 was the lowest since December 2011. Inflation and Delta variant wearing on US optimism. Markets face negative dollar risk from fading consumer optimism.

Read more

Forex MAJORS

Cryptocurrencies

Signatures