Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: USD/JPY hit session lows at 120.48, risk aversion spikes buying interest in Yen

USD/JPY was knocked down to session lows at 120.48, near the hourly 100-SMA, but has recovered slightly to trade at 120.63.

  • USD remains under heavy selling pressure versus the Japanese yen for the second straight session on Tuesday
     
  • Substantial risk aversion seen in the markets during the Asian session, regional stocks sharply lower 
     
  • Nikkei drops -0.67, Australia's S&P/ASX is losing -0.10% while the Chinese benchmark index, the Shanghai Composite sinks -2.40%
     
  • Rising demand for the yen on the back of month-end exports' sales also adding to the steep losses seen in the USD/JPY pair
     
  • Traders are likely to remain on the sidelines ahead of the risk events this week,  FOMC due Wednesday and BoJ policy meeting is due Friday
     
  • Immediate support now in sight might be located at 120.25 (cloud top) below which 120.0 (20-DMA) likely target
     
  • Failure to breach cloud top could see a rebound towards 121 barrier, above which the pair would climb further towards 121.50 (Channel resistance)

 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.