USD/JPY slightly offered in the open, eyes on coronavirus headlines


  • USD/JPY is stuck in a tight range as sleepy holiday markets start to wake.
  • Risk-off is likely to keep interest high in both currencies, separately.

The yen has picked up a start of the week bid across the board, moving up against the US dollar by 5 pips to a low of 107.42 from high of 107.47, falling further away from the end of week 107.50s. 

The market was quiet on Friday pertaining to the US holiday and the pair stuck toa tight range in the 107.50s. 

To start the week, COVID-19 headlines are doing the rounds. US case numbers are rising rapidly in Texas and Florida and across the US have exceeded 50,000 per day every day in July. 

More on these details with the following article: What you need to know for the open: Summer lull or a COVID-19 tidal wave of panic-vol?

Meanwhile, we can expect the pair to remain anchored as both currencies battle it out for their safe-haven allure and trading in narrow ranges could be the playbook for the day ahead on a relatively quiet calendar to start with.

Things, on the data front, will not likely get interesting until US Non-manufacturing ISM up first ahead of Jobless Claims.  "The index probably rose above the break-even 50 level as the economy "reopened," similar to the pattern already reported for manufacturing," analysts at TD Securities explained...

 Of course, modest growth after a plunge implies a sizable net decline. Also, the recovery is being threatened by the renewed uptrend in COVID cases. A reversal of reopenings is more likely for services than for manufacturing businesses.

Besides these data, the focus will be on coronavirus as world leaders grappling with the issue of when to wean businesses and individuals off the support lines. It will be a testing time for investor risk appetites and the stock markets, which will likely be the main driver of the yen for the week ahead. 

USD/JPY levels

 

Overview
Today last price 107.46
Today Daily Change -0.05
Today Daily Change % -0.05
Today daily open 107.51
 
Trends
Daily SMA20 107.3
Daily SMA50 107.39
Daily SMA100 107.86
Daily SMA200 108.4
 
Levels
Previous Daily High 107.58
Previous Daily Low 107.44
Previous Weekly High 108.16
Previous Weekly Low 107.04
Previous Monthly High 109.85
Previous Monthly Low 106.08
Daily Fibonacci 38.2% 107.52
Daily Fibonacci 61.8% 107.49
Daily Pivot Point S1 107.44
Daily Pivot Point S2 107.37
Daily Pivot Point S3 107.29
Daily Pivot Point R1 107.58
Daily Pivot Point R2 107.65
Daily Pivot Point R3 107.72

 

 

 

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: At risk of extending its slide

The greenback closed the week appreciating against most major rivals, although EUR/USD settled in the 1.1780 price zone, holding on to modest weekly gains. EUR/USD decline corrective on the broader view but could extend its slump in the shorter-term.

EUR/USD News

GBP/USD: Limited bearish potential

The GBP/USD pair finished the week with modest losses at 1.3050, giving up to the dollar’s demand at the end of the week. The Cable is trading above the 1.3000 level, which limits the bearish potential.

GBP/USD News

Gold: Acceptance above $2050 critical to revive the uptrend

Gold’s record-breaking rally could resume on a sustained move above $2050. RSI on 4H chart stays in the bullish territory, pointing to the upside. XAU bulls to buy the dips around $2010 in the week ahead?

Gold News

Bitcoin may extend the recovery once Gold resumes the rally

Gold retreated from the recent highs, but the sentiments are still bullish. Cryptocurrencies resumed the upside, some altcoins are demonstrating strong gains. ETH/BTC stopped the downside correction and settled at $0.03300.

Read more

WTI extends slide toward $41, on track to post weekly gains

Crude oil prices continued to fall on Friday and the barrel of West Texas Intermediate (WTI) touched a daily low of $41.05 before recovering modestly.

Oil News

Forex MAJORS

Cryptocurrencies

Signatures