USD/JPY remains confined in a range around 103.75 region

  • USD/JPY extended its sideways consolidative price action for the second straight session on Tuesday.
  • Weaker global risk sentiment underpinned the safe-haven JPY and capped the upside for the major.
  • A modest USD uptick helped limit the downside ahead of this week’s key event/data risk from the US.

The USD/JPY pair struggled for a firm directional bias and remained confined in a range, around the 103.75 region through the early European session

A combination of diverging forces failed to provide any meaningful impetus to the major, instead led to a subdued/range-bound price action for the second consecutive session on Tuesday. A modest pickup in the US dollar demand extended some support to the USD/JPY pair, albeit a weaker tone surrounding the equity markets underpinned the safe-haven Japanese yen and capped gains.

The German data released on Monday added to worries about the economic fallout from the current round of strict coronavirus restrictions and dampened the market mood. Adding to this, lingering concerns over potential roadblocks to US President Joe Biden's $1.9 trillion stimulus plan and escalating US-China tensions in the South China Sea further weighed on investors' sentiment.

The lower risk appetite was reinforced by the ongoing slide in the US Treasury bond yields to three-week lows, which further collaborated to keep a lid on any meaningful upside for the USD/JPY pair. That said, investors now seemed reluctant to place any aggressive bets, rather preferred to wait on the sidelines ahead of the latest FOMC monetary policy decision on Wednesday.

This will be followed by the release of the Advance US Q4 GDP report on Thursday. Apart from this, investors will also keep a close eye on the timing and size of the US fiscal stimulus. This, along with developments surrounding the coronavirus saga, will influence the USD price dynamics and assist investors to determine the next leg of a directional move for the USD/JPY pair.

Technical levels to watch


Today last price 103.75
Today Daily Change -0.01
Today Daily Change % -0.01
Today daily open 103.76
Daily SMA20 103.57
Daily SMA50 103.8
Daily SMA100 104.49
Daily SMA200 105.69
Previous Daily High 103.94
Previous Daily Low 103.67
Previous Weekly High 104.09
Previous Weekly Low 103.33
Previous Monthly High 104.75
Previous Monthly Low 102.88
Daily Fibonacci 38.2% 103.77
Daily Fibonacci 61.8% 103.84
Daily Pivot Point S1 103.64
Daily Pivot Point S2 103.53
Daily Pivot Point S3 103.38
Daily Pivot Point R1 103.91
Daily Pivot Point R2 104.05
Daily Pivot Point R3 104.17



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