USD/JPY struggles near weekly lows, eyeing 108.00 mark

  • The prevailing cautious mood continues to benefit the JPY’s safe-haven status. 
  • Increasing Fed rate cut bets weigh on the USD and adds to the weaker tone.
  • Traders now look forward to the US monthly retail sales data for some impetus.

The USD/JPY pair was seen consolidating near the lower end of its weekly trading range, below mid-108.00s through the Asian session on Friday.

The pair struggled to capitalize on the overnight attempted bounce and remained depressed on the back of concerns over a further escalation in trade tensions between the world's two largest economies.

Apart from the trade-related nervousness, increasing likelihood that the Fed will cut interest rates by the end of this year kept the US Dollar bulls on the defensive and kept exerting some pressure on the major.

The incoming softer US economic data - including last Friday's disappointing release of May monthly jobs report, coupled with slowing inflation forced investors to start pricing in at least two rate cuts in 2019. 

The mentioned factors contributed to a weaker tone surrounding the US Treasury bond yields, struggling near multi-year lows and further collaborating to the pair's weaker tone on the last day of the week. 

Moving ahead, today's US economic docket - highlighting the release of monthly retail sales data, will now be looked upon to grab some short-term trading opportunities later during the early North-American session.

The key focus, however, will be on next week's FOMC monetary policy meeting, which might provide some fresh clues over the central bank's near-term policy outlook and eventually provide a fresh directional impetus.

Technical levels to watch


Today last price 108.31
Today Daily Change -0.08
Today Daily Change % -0.07
Today daily open 108.39
Daily SMA20 109.07
Daily SMA50 110.32
Daily SMA100 110.51
Daily SMA200 111.25
Previous Daily High 108.54
Previous Daily Low 108.16
Previous Weekly High 108.62
Previous Weekly Low 107.81
Previous Monthly High 111.71
Previous Monthly Low 108.23
Daily Fibonacci 38.2% 108.31
Daily Fibonacci 61.8% 108.4
Daily Pivot Point S1 108.19
Daily Pivot Point S2 107.99
Daily Pivot Point S3 107.81
Daily Pivot Point R1 108.56
Daily Pivot Point R2 108.74
Daily Pivot Point R3 108.94



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

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD challenges weekly highs is a sentiment-driven advance

The financial markets continue to focus on sentiment instead than on data, with equities leading the way. Upbeat earnings reports overshadow coronavirus-related concerns. EUR/USD nearing June monthly high at 1.1422.


GBP/USD trims intraday losses, trades flat around 1.2550

The US session is seeing the dollar gave up early gains, even against the weakened Pound. GBP/USD hovers around 1.2550, despite disappointing UK GDP.


Gold advances to fresh daily highs near $1,810

The XAU/USD pair closed the first day of the week with small gains above $1,800. After spending the European session moving sideways in a tight channel, the pair turned north on broad USD weakness during the American session. 

Gold News

Bitcoin low volatility indicates a significant move to $8,000 or $10,000 is nearby

Bitcoin price is currently at $9,229 after a brief dip to $9,104. It is currently below the daily 12-EMA and the 26-EMA which have been unable to cross positively due to the lack of bullish continuation. 

Read more

WTI rebounds towards $40 mark ahead of API data

WTI (August futures on Nymex) is looking to regain the 40-level following a quick rebound from the daily lows reached just above the 39 mark.

Oil News