USD/JPY retreats farther from 2-week tops, below mid-110.00s

Haresh Menghani FXStreet

• A further escalation in the US-China trade tensions underpins JPY’s safe-haven demand.
• Some renewed USD buying interest does little to support or stall the steady intraday slide.
• Investors now look forward to FOMC meeting minutes for a fresh directional impetus.

The USD/JPY pair extended its steady intraday decline and dropped to fresh session lows in the last hour, eroding a part of the previous session's strong up-move to two-week tops.

The prevalent cautious mood around equity markets, amid a further escalation in the recent US-China trade tensions, underpinned the Japanese Yen's relative safe-haven status and turned out to be one of the key factors exerting some fresh downward pressure.

The global risk sentiment took a hit after the Trump administration was reported to blacklist Chinese surveillance technology firm - Hikvision and is also considering cutting off the flow of vital American technology to as many as five Chinese companies.

Bearish traders seemed rather unaffected by Wednesday's release of Japanese trade balance data, showing that exports contracted for the fifth month in April, with some renewed US Dollar strength also doing little to provide any meaningful boost.

Currently trading around the 110.35 region, testing session lows, market participants now look forward to Wednesday's important release of FOMC meeting minutes, which might influence the near-term USD price dynamics and provide a fresh directional impetus.

Technical levels to watch

USD/JPY

Overview
Today last price	110.37
Today Daily Change	-0.13
Today Daily Change %	-0.12
Today daily open	110.5

Trends
Daily SMA20	110.61
Daily SMA50	111.04
Daily SMA100	110.51
Daily SMA200	111.43

Levels
Previous Daily High	110.68
Previous Daily Low	110.02
Previous Weekly High	110.2
Previous Weekly Low	109.02
Previous Monthly High	112.4
Previous Monthly Low	110.8
Daily Fibonacci 38.2%	110.42
Daily Fibonacci 61.8%	110.27
Daily Pivot Point S1	110.11
Daily Pivot Point S2	109.73
Daily Pivot Point S3	109.45
Daily Pivot Point R1	110.78
Daily Pivot Point R2	111.06
Daily Pivot Point R3	111.44

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

EUR/USD shifts its attention to 1.1900 and above

EUR/USD has shaken off Tuesday’s dip, pushing back beyond the 1.1800 mark amid decent gains as Wednesday’s session draws to a close. The rebound is largely driven by a modest pullback in the US Dollar, as markets digest the aftermath of President Trump’s SOTU speech and continue to monitor trade-related headlines and signals from the White House.

GBP/USD challenges multi-day highs near 1.3530

GBP/USD leaves behind the previous day’s decline and regains fresh upside traction on Wednesday, surpassing the 1.3500 barrier in a context of a modest decline in the Greenback and a generalised improved mood in the risk-linked space. Meanwhile, the US tariff narrative continues to dictate the mood among market participants after Presidet Trump’s SOTU speech failed to surprise markets.

Gold remains bid and close to $5,200

Gold buyers are returning to the fold on Wednesday, targeting the $5,200 area and possibly beyond, after Tuesday’s corrective dip from monthly highs. The rebound in the precious metal comes as the US Dollar loses traction, with Trump’s SOTU speech offering little fresh direction and AI-related nerves continuing to ease.

UK financial watchdog advances stablecoin oversight as four firms pilot issuance

The Financial Conduct Authority (FCA) in the United Kingdom (UK) is advancing toward the final stablecoin regulatory framework with a pilot program involving four companies, including Monee, Financial Technologies ReStabilise, Revolut and VVTX.

Nvidia earnings to influence AI trade and broader market sentiment

For the last three years, Nvidia has been the engine of the AI boom, and now Wall Street is watching to see whether that momentum can keep going. High-growth stocks have been struggling to maintain their bullish trend in 2026.

Cosmos Hub Price Forecast: ATOM rebounds slightly, bearish outlook remains intact

Cosmos Hub (ATOM) price rebounds, trading above $2.05 at the time of writing on Wednesday, after undergoing a sharp correction since last week. Weakening on-chain and derivatives data support a bearish outlook, while technical analysis remains unfavorable.