Free Trial

USD/JPY tumbled past the Y110.00 mark....>

DOLLAR-YEN
DOLLAR-YEN: USD/JPY tumbled past the Y110.00 mark & the 50-DMA Thursday as
spreading Covid-19 epidemic kept appetite for safe havens alive and well.
Uninspiring address from U.S. Pres Trump & the first virus case of unknown
origin declared by the U.S. kick-started renewed flight to safety. In addition,
the greenback was dented by speculation that the FOMC might opt to trim rates
this year. USD/JPY recovered through the WMR fix but then dropped again as U.S.
equity benchmarks sold off sharply, closing in correction territory.
- The rate trades flat at Y109.61 despite falling as low as to Y109.34 earlier
in the session. Bears look for a drop below the 38.2% retracement of the Aug 26
- Feb 20 rally/100-DMA at Y109.26/24 before targeting the 200-DMA at Y108.42.
Bulls need to retake the 50-DMA at Y109.61 before setting their sights on the
Jan 17 top at Y110.29.
- Today's Japanese data dump includes industrial output, unemployment, retail
sales & Tokyo CPI. It gets underway at the bottom of the hour.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.