USD/JPY rejected at 200-hour MA amid losses in Asian equities

USD/JPY failed to take out key MA hurdle.
JPY is bid, possibly due to losses in equities.
USD/JPY will likely pick up a bid if US yields rise.

Omkar Godbole FXStreet Contributor

USD/JPY is currently trading at 108.17, having faced rejection at the 200-hour moving average of 108.33 earlier today.

The anti-risk JPY may have found love due to losses in the Asian equities. As of writing, Japan’s Nikkei is down 0.48% and South Korea’s Kospi is shedding 1.08%. Further, shares in Hong Kong and China are reporting marginal losses.

Also, decision by the ratings agency Fitch to retain Japan’s Long-Term Foreign Currency Issuer Default Rating at A may have added to the bid tone around the JPY.

The drop in the USD/JPY pair, however, could be short-lived and the 200-hour MA hurdle will likely be scaled if treasury yields rise.

At press time, the US 10-year yield is flatlined at 2.10% and the two-year yield, which is sensitive to short-term interest rate expectations, is trading largely unchanged on the day at 1.85%.

Technical levels

USD/JPY

Overview
Today last price	108.17
Today Daily Change	-0.04
Today Daily Change %	-0.04
Today daily open	108.24

Trends
Daily SMA20	107.99
Daily SMA50	108.7
Daily SMA100	110.03
Daily SMA200	110.72

Levels
Previous Daily High	108.38
Previous Daily Low	107.82
Previous Weekly High	109
Previous Weekly Low	107.8
Previous Monthly High	108.8
Previous Monthly Low	106.78
Daily Fibonacci 38.2%	108.17
Daily Fibonacci 61.8%	108.03
Daily Pivot Point S1	107.92
Daily Pivot Point S2	107.59
Daily Pivot Point S3	107.36
Daily Pivot Point R1	108.47
Daily Pivot Point R2	108.7
Daily Pivot Point R3	109.03

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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