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Aug 17 - 01:55 PM

USD/JPY - COMMENT-USD/JPY Supported Below 106, Ahead Of Minor Fibo By 105.96

By Paul Spirgel  —  Aug 17 - 12:10 PM

USD/JPY fell below the 10- and 21-day moving averages on Monday, foreshadowing further falls once sub-106 support breaks as markets embrace the delay of the U.S.-China trade-deal review as positive for global growth, particularly in Asia.

After putting in a triple top above 107 last week, USD/JPY found support at 105.99, just above its 38.2% Fib of 104.20-107.05 rise at 105.96, and the Aug.
11 low of 105.84.

The break below 10- and 21-DMA support at 106.17 and 106.09 put bears closer to gaining control if they can drive USD/JPY below 105.29, the 61.8% fib of 104.20-107.05.

The yen has generally benefited from the dollar's loss of safe-haven status after the Federal reserve pushed interest rates near zero.
Recent U.S. COVID-19 outbreaks, Washington's go-slow approach recovery aid and burgeoning uncertainties about the Nov.
3 U.S. elections have also weighed on the dollar.

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JPY Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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