USD/JPY slumps to fresh weekly lows at 111.75, then rebounds

Yen regains poise, as risk sentiment sours on disappointing German/ Eurozone PMIs
Sellers to remain in charge ahead of US retail sales and Philly Fed manufacturing index?

Dhwani Mehta FXStreet

The USDJPY pair finally broke its recent range trade around the 112 handle and lost nearly 20-pips quickly, as the safe-haven bids for Yen got a fresh lift after a renewed risk-aversion wave gripped the European markets on disappointing German and Eurozone manufacturing PMI numbers.

Downbeat private sector activity report from the bloc’s economic powerhouse, Germany, re-ignited economic slowdown concerns and dampened the risk sentiment, with markets fleeing to safety bets such as the Yen.

Moreover, the ongoing weakness in the US Treasury yields and S&P 50 futures accentuated the downside break in the spot, with sellers back in command after struggling to regain control for almost 5 straight days.

However, the buyers appear to lurk near 111.75 region as they manage to find some support from a fresh leg up in the US dollar across its main competitors, courtesy of the EUR/USD sell-off and overall risk-aversion. The USD index jolted higher to fresh weekly tops at 97.26, having consolidated near the 97 handle.

Markets now eagerly await the US retail sales, weekly jobless claims and Philly Fed manufacturing data releases to validate the bearish break. A slew of disappointing US economic news could open the doors for a test of 111.50/111 levels.

USD/JPY Technical Levels

USD/JPY

Overview
Today last price	111.85
Today Daily Change	-0.21
Today Daily Change %	-0.19
Today daily open	112.06

Trends
Daily SMA20	111.21
Daily SMA50	111.09
Daily SMA100	110.83
Daily SMA200	111.52

Levels
Previous Daily High	112.17
Previous Daily Low	111.92
Previous Weekly High	112.1
Previous Weekly Low	110.84
Previous Monthly High	112.14
Previous Monthly Low	109.71
Daily Fibonacci 38.2%	112.07
Daily Fibonacci 61.8%	112.02
Daily Pivot Point S1	111.93
Daily Pivot Point S2	111.8
Daily Pivot Point S3	111.69
Daily Pivot Point R1	112.18
Daily Pivot Point R2	112.3
Daily Pivot Point R3	112.43

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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