USD/JPY slides to session lows, just below mid-107.00s


  • USD/JPY meets with some fresh supply amid reviving safe-haven demand for the JPY.
  • The USD stood tall amid worries over the coronavirus crisis and might help limit losses.
  • Traders now look forward to the US economic releases for some meaningful impetus.

The safe-haven Japanese yen strengthened across the board and dragged the USD/JPY pair to daily lows, around the 107.50-45 region in the last hour.

Following a brief consolidation through the early part of Thursday trading action, the pair came under some selling pressure since the early European session and has now dropped to the lower end of its weekly trading range.

Despite the latest optimism over the passage of another $484 billion US economic package by the US Senate, investors remain concerned the global economy will remain weak for some time, even once the lockdowns are eased.

The market worries were further fueled by Thursday's dismal PMI releases from the Eurozone and the UK, which eventually led to some nervousness in the market and provided a modest lift to the Japanese yen's safe-haven status.

Meanwhile, the US dollar stood tall and continued benefitting from its status as the global reserve currency. This coupled with a goodish pickup in the US Treasury bond yields might lend additional support to the greenback and help limit deeper losses.

Traders now look forward to the US economic docket, highlighting the release of flash Manufacturing PMI and Initial Weekly Jobless Claims. The data might act as a fresh catalyst that might help determine the pair's next leg of a directional move.

Technical levels to watch

USD/JPY

Overview
Today last price 107.49
Today Daily Change -0.27
Today Daily Change % -0.25
Today daily open 107.76
 
Trends
Daily SMA20 108.07
Daily SMA50 108.43
Daily SMA100 108.86
Daily SMA200 108.32
 
Levels
Previous Daily High 107.94
Previous Daily Low 107.52
Previous Weekly High 108.52
Previous Weekly Low 106.93
Previous Monthly High 111.72
Previous Monthly Low 101.18
Daily Fibonacci 38.2% 107.68
Daily Fibonacci 61.8% 107.78
Daily Pivot Point S1 107.54
Daily Pivot Point S2 107.31
Daily Pivot Point S3 107.11
Daily Pivot Point R1 107.96
Daily Pivot Point R2 108.16
Daily Pivot Point R3 108.39

 

 

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