USD/JPY chart - Trading View
USD/JPY prints lows below 107 handle amid renewed coronavirus fears and geopolitical tensions.
The major was trading at 106.91 at around 03:30 GMT, edging higher from session lows at 106.70.
Japanese yen is drawing bids as tensions rise between U.S. and China over Uighur bill.
Renewed fears of the second wave of the coronavirus outbreak seem to be keeping the risk under pressure, adding to weakness in the pair.
A rate cut by PBOC early on Thursday is offering some support. In an unexpected move, the PBOC cut the rate on 14-day reverse repurchase agreements to 2.35% vs. 2.55% previous.
Technical indicators support weakness. Stochs and RSI show bearish momentum. Volatility is rising.
Price action is below 200-DMA and break below cloud will plummet prices. Little support till lower BB at 106.31.
Major Support: 107.22 (5-DMA)
Major Resistance: 107.65 (21-EMA)
