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Jul 10 - 05:55 AM

USD/JPY - COMMENT-FX Traders Have Good Reasons To Shun USD/JPY

By Martin Miller  —  Jul 10 - 04:55 AM

FX traders continue to flee the dollar for the yen as coronavirus worries take their toll and the technical picture darkens.
In times of uncertainty, with risk aversion on the rise, funds usually flow into the safe-haven yen.

The yen rose on Friday after a surge in new coronavirus infections in the United States further undermined the case for a quick turnaround in the economy nL4N2EH1G1.
EBS flow data shows there has been an acceleration of USD/JPY sales since Tuesday.

The USD/JPY technical outlook is becoming more bearish.
The recent bull trap above the 107.97 Fibonacci level, a 50% retracement of the 109.85 to 106.08 June (EBS) drop, keeps the overall bias on the downside.
A bull trap is set when a market breaks above a technical level but subsequently reverses.

Despite Thursday's recovery, the "death cross" on the daily USD index chart this week is a bad sign for the dollar in general nL1N2EF2P0.
Related nL1N2EG0EJ

For more click on FXBUZ


EBS Flow Data Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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