USD/JPY Price Analysis: Dollar registers biggest weekly advance vs. yen since November 2016

USD/JPY is bouncing sharply from the 2020 lows as US stocks are recovering.
USD/JPY gained a massive 3.7% on an intraday basis.
UoM Consumer Sentiment at 95.9, shrugs off coronavirus concerns.

Flavio Tosti Independent Analyst

USD/JPY daily chart

USD/JPY is reversing up from three-year lows while trading below the simple moving averages (SMAs) as the US equity markets are bouncing after one of the worst sessions since 1987 this Thursday. The Coronavirus narrative is leading to hysteria and panic worldwide in an unprecedented alarmist message from mass media for a case of pandemic flu. Additionally, this Friday, the University of Michigan's initial gauge of consumer confidence came in at 95.9 above the 95 level.

USD/JPY four-hour chart

USD/JPY is challenging the 108.60/109.00 resistance zone and the 200 SMA on the four-hour chart. The spot is spiking to the upside and a break beyond the above-mentioned level could expose the 112.00 level near the last swing high. Support can be seen near the 107.60, 107.00 and 106.00 levels.

Resistance: 108.60, 109.00, 112.00

Support: 107.57, 107.00, 106.00

Additional key levels

USD/JPY

Overview
Today last price	107.96
Today Daily Change	3.32
Today Daily Change %	3.17
Today daily open	104.64

Trends
Daily SMA20	108.27
Daily SMA50	108.97
Daily SMA100	108.97
Daily SMA200	108.27

Levels
Previous Daily High	106.1
Previous Daily Low	103.08
Previous Weekly High	108.58
Previous Weekly Low	105
Previous Monthly High	112.23
Previous Monthly Low	107.51
Daily Fibonacci 38.2%	104.95
Daily Fibonacci 61.8%	104.24
Daily Pivot Point S1	103.11
Daily Pivot Point S2	101.59
Daily Pivot Point S3	100.09
Daily Pivot Point R1	106.13
Daily Pivot Point R2	107.63
Daily Pivot Point R3	109.16

Author

Flavio Tosti

Independent Analyst

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Gold climbs to weekly tops, approaches $5,100/oz

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