USDJPY Technical Analysis


Asian desks are reluctant to push JPY lower amid losses in S&P 500. Click here, the 8 February USDJPY Technical Analysis to see how the pair trades at the moment.

8 February, GKFX – The S&P 500 futures are down 0.40 percent, suggesting the recovery from an 11-week low of $2593.07 could be nothing more than a ‘dead cat bounce’.

Hence, the USD/JPY pair, despite being mildly bid at 109.36, is still trading well below the previous day’s high of 109.71. Also, Japan’s Nikkei index is down at least 250 points from the session high of 21,901. Thus, traders are reluctant to push JPY pairs higher.

Further, the 10-year treasury yield is flatlined at 2.8 percent. Hence, the USD is finding it hard to extend the recovery from the session low of 109.12. Looking ahead – the spot remains at the mercy of the sentiment in the equity markets.

8 February USDJPY Technical Analysis

A break above 109.71 (previous day’s high) would open doors for 110.00 (psychological hurdle) and 110.48 (Feb. 2 high). On the downside, breach of support at 109.12 (session low) could yield a pullback to 108.92 (previous day’s low) and 108.46 (Feb. 6 low).

Disclaimer

This article 8 February USDJPY Technical Analysis was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you then this should be solely at your discretion and GKFX will not be held accountable in any way.

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