USD/JPY plummets below 110.0 as US dollar retreats

USD/JPY extends the previous session’s losses on Friday.
Lower US Treasury yields undermine the demand for the US dollar.
Yen gains on its safe-haven appeal amid risk aversion.

Rekha Chauhan Independent Analyst

USD/JPY edges lower on Friday in the initial Asian session following the previous day’s sharp downside movement. The pair fell more than 100-pips as risk sentiment sours on the US and global growth jitters.

At the time of writing, USD/JPY is trading at 109.78, down 0.02% for the day.

The US Dollar Index (DXY) retreated from its 13-week high following the fall in the US 10-year benchmark yields as growth concerns lingered on over a slowdown in the US and global growth.

The US Treasury yields edged lower 1.30% on the expectations that Fed will not tighten monetary policy soon.

The US Initial Jobless Claims came at 373 K, above the market forecast. The readings showed that the labor market recovery remained far from the Fed's expectation.

Lower bond yields and soft economic data built pressure on the US dollar.

On the other hand, the Japanese yen gained on the global equity sell off. The negative sentiments around the equities and government bond yields supported the safer assets.

As for now, investors are waiting for the US Wholesale Inventories data to gauge the market sentiment.

USD/JPY additional levels

USD/JPY

Overview
Today last price	109.78
Today Daily Change	-0.84
Today Daily Change %	-0.76
Today daily open	110.62

Trends
Daily SMA20	110.54
Daily SMA50	109.77
Daily SMA100	109.1
Daily SMA200	106.75

Levels
Previous Daily High	110.82
Previous Daily Low	110.4
Previous Weekly High	111.66
Previous Weekly Low	110.42
Previous Monthly High	111.12
Previous Monthly Low	109.19
Daily Fibonacci 38.2%	110.65
Daily Fibonacci 61.8%	110.56
Daily Pivot Point S1	110.41
Daily Pivot Point S2	110.19
Daily Pivot Point S3	109.99
Daily Pivot Point R1	110.83
Daily Pivot Point R2	111.03
Daily Pivot Point R3	111.24

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

EUR/USD holds losses near 1.1850 as US, China holidays keep trade muted

EUR/USD opens the week on a softer note, trading near 1.1860 during the Asian session on Monday. Activity is likely to remain muted, with United States markets closed for the Presidents’ Day holiday, while Mainland China is also shut for the week-long Lunar New Year break.

GBP/USD flat lines as traders await key UK macro data and FOMC minutes

The GBP/USD pair kicks off a new week on a subdued note and oscillates in a narrow range, just below mid-1.3600s, during the Asian session. Moreover, the mixed fundamental backdrop warrants some caution for aggressive traders as the market focus now shifts to this week's important releases from the UK and the US.

Gold remains below $5,050 despite Fed rate cut bets, uncertain geopolitical tensions

Gold edges lower after registering over 2% gains in the previous session, trading around $5,030 per troy ounce during the Asian hours on Monday. However, the non-interest-bearing Gold could further gain ground following softer January Consumer Price Index figures, which reinforced expectations that the Federal Reserve could cut rates later this year.

Week ahead: Data blitz, Fed Minutes and RBNZ decision in the spotlight

The US jobs report for January, which was delayed slightly, didn’t do the dovish Fed bets any favours, as expectations of a soft print did not materialize, confounding the raft of weak job indicators seen in the prior week.

Global inflation watch: Signs of cooling services inflation

Realized inflation landed close to expectations in January, as negative base effects weighed on the annual rates. Remaining sticky inflation is largely explained by services, while tariff-driven goods inflation remains limited even in the US.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.