USD/JPY rebounds after sharp fall to 101 area, steadies near 102.30

  • S&P 500 drops 7% after opening bell to trigger circuit breaker.
  • US 10-year Treasury bond yield is still down more than 30%.
  • US Dollar Index struggles to hold above 95.

The USD/JPY pair erased more than 400 pips on Monday and touched its lowest level since September 2016 at 101.18 in the early trading hours of the American session before erasing a portion of its losses. As of writing, the pair was still down 2.9% on the day at 102.30.

Risk-off flows continue to dominate financial markets

The intense flight-to-safety at the start of the week amid heightened concerns over a protracted negative impact of the coronavirus outbreak on the global economy and the beginning of an oil price war allowed the JPY to find demand as a safe-haven. Mirroring the market panic, the 10-year US Treasury bond yield erased more than 40% at one point to register a new all-time low at 0.36%. 

Moreover, the S&P 500 lost 7% minutes after the opening bell to trigger a circuit breaker. Although Wall Street's main indexes pulled away from lows after trading resumed following a 15-minute break, they are still down between 4.6% and 5.7% on the day.

In the meantime, the greenback continues to suffer heavy losses against its major rivals to force the pair to remain deep in the negative territory. At the moment, the US Dollar Index is down 1.2% on the day at 94.95.

Technical levels to watch for


Today last price 102.3
Today Daily Change -3.20
Today Daily Change % -3.03
Today daily open 105.5
Daily SMA20 109.38
Daily SMA50 109.32
Daily SMA100 109.14
Daily SMA200 108.35
Previous Daily High 106.34
Previous Daily Low 105
Previous Weekly High 108.58
Previous Weekly Low 105
Previous Monthly High 112.23
Previous Monthly Low 107.51
Daily Fibonacci 38.2% 105.51
Daily Fibonacci 61.8% 105.83
Daily Pivot Point S1 104.88
Daily Pivot Point S2 104.26
Daily Pivot Point S3 103.53
Daily Pivot Point R1 106.23
Daily Pivot Point R2 106.96
Daily Pivot Point R3 107.58



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.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD hits six-week high amid risk-on mood

EUR/USD has risen above 1.22, hitting the highest since mid-January. The US Fed's commitment to easing has boosted the market mood and the safe-haven dollar is down despite higher US yields. A big bulk of US data including GDP awaits traders.


AUD/USD breaks through critical 0.8000 level, fresh three-year highs

AUD/USD rides the reflation wave higher. The aussie reaches the highest since February 2018. Surge in commodities complex underpins the AUD.


Gamestop (GME) Stock Price and Forecast: Soars 273% as “diamond hands” trigger meme stock comeback

NYSE: GME is trading at around $168 in Thursday's premarket trade, up 273% from Wednesday's early trading price. The departure of the CFO served as the trigger to the fresh buying frenzy. Retail traders that have held onto shares seem to be behind the surge.

Read more

Dogecoin on the verge of a 75% lift-off

Dogecoin price has been lull ever since the local top on February 7. However, a 20% surge due to Elon Musk’s recent endorsement has led to a breakout from a bull flag pattern. Now, the meme coin could surge 75% to record levels soon.

Read more

US Dollar Index looks depressed near 90.00 ahead of data

The US Dollar Index (DXY), which tracks the greenback vs. a bundle of its main rivals, remains under heavy pressure around the key 90.00 neighbourhood in the second half of the week.

US Dollar Index News