USD/JPY Price Analysis: Dollar extends losses as market fears embolden yen

USD/JPY is retracing down for the third day in a row after last week’s massive bullish breakout.
The level to beat for bears is the 109.80 support.
Coronavirus fears are sending markets in risk-off mode, attracting investor to buy yen.

Flavio Tosti Independent Analyst

USD/JPY daily chart

USD/JPY is trading in an ascending channel while above the main daily simple moving averages (SMAs). The quote is correcting down after a massive breakout last week. As the Coronavirus is spreading the markets are entering risk-off mode, increasing the demand for yen.

USD/JPY four-hour chart

As expected the spot broke below the 110.65/35 support zone opening the gates to a deeper pullback down towards the 109.80 and 109.30 levels. The 110.65/35 support zone is now turning resistance and could weather bullish attempts.

Resistance: 110.65, 110.35, 111.00

Support: 109.80, 109.30, 108.60

Additional key levels

USD/JPY

Overview
Today last price	111.59
Today Daily Change	0.86
Today Daily Change %	0.78
Today daily open	110.73

Trends
Daily SMA20	109.89
Daily SMA50	109.57
Daily SMA100	109.15
Daily SMA200	108.41

Levels
Previous Daily High	111.68
Previous Daily Low	110.33
Previous Weekly High	112.23
Previous Weekly Low	109.66
Previous Monthly High	110.29
Previous Monthly Low	107.65
Daily Fibonacci 38.2%	110.85
Daily Fibonacci 61.8%	111.17
Daily Pivot Point S1	110.15
Daily Pivot Point S2	109.56
Daily Pivot Point S3	108.79
Daily Pivot Point R1	111.5
Daily Pivot Point R2	112.27
Daily Pivot Point R3	112.85

Author

Flavio Tosti

Independent Analyst

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