FxWirePro: USD/JPY fails to hold above 108 handle, retrace below 21-EMA negates any upside bias
USD/JPY chart - Trading View
USD/JPY has erased early gains, fails to hold above 108 handle, slips lower from session highs at 108.16.
The pair was trading 0.26% lower on the day at 107.64 at around 05:00 GMT, bias neutral.
Risk-off sentiment seeping back into markets, keeping demand for the Japanese yen.
Renewed weakness seen in the Japanese stocks and S&P 500 futures, as coronavirus fears resurface and sour the market mood.
Technical bias for the pair is neutral. Major resistance lies at 200-DMA at 108.37. Break above will change near-term bias.
Focus on FOMC Minutes, US ISM Non-Manufacturing PMI and US ADP Employment Change during the later part of the day for impetus.
Major Support - 107.40 (21-EMA)
Major Resistance - 108.37 (200-DMA)