USD/JPY pares some of its losses, climbs above 105.00

Technical Analysis

Choppy trading continues for USD/JPY during the week

USD/JPY H1 11-03
ForexLive

10-year Treasury yields are now down by “just” 7 bps to 0.73% after having hit a low of 0.63% earlier in the session, while US futures have also pared some of its decline as S&P 500 futures are now down by “just” 1.1% after a bigger fall of 3% earlier.

The shift in momentum is helping to see yen crosses climb higher on the day with USD/JPY rising back above 105.00 to 105.30 currently.

The low earlier touched 104.10 as price fell below the near-term trendline support and the 100-hour MA (red line) but buyers managed to claw their way back above those key near-term levels to establish a more neutral near-term bias.

Resistance around 105.75-90 will be key to watch in the sessions ahead as the market continues to grasp at the current situation i.e. coordinated fiscal stimulus vs ongoing coronavirus outbreak across the globe.

Let’s block ads! (Why?)

Forexlive RSS Breaking technicalanalysis feed

Leave a Reply

Your email address will not be published. Required fields are marked *