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Forex

USDJPY Remains Bearish Below 110.80

USDJPY Remains Bearish Below 110.80

The USDJPY pair held on to its mildly positive tone, albeit struggled to build on the recovery move further beyond mid-110.00s. 

December 31, GKFX – The pair caught some bids at the start of a new trading week and recovered a part of Friday’s fall back closer to over 4-month lows.

Fundamental highlights

The US President Donald Trump’s optimistic comments on Sunday increased the likelihood of a possible trade deal with China and eventually dented the Japanese Yen’s safe-haven status. 

This coupled with a modest US Dollar uptick, boosted by Friday’s better-than-expected Chicago PMI and mostly in line pending home sales, remained supportive of the attempted rebound, though a combination of factors kept a lid on any strong follow-through. 

Market sentiment remained fragile over looming concerns of slowing global growth, while a partial US government shutdown held investors from placing any aggressive USD bullish bets amid relatively thin liquidity conditions and absent relevant market moving economic releases on New Year’s Eve.

USDJPY technical outlook

    Today Last Price: 110.39

    Today Daily change: 18 pips

    Today Daily change %: 0.163%

    Today Daily Open: 110.21

Trends:

    Previous Daily SMA20: 112.27

    Previous Daily SMA50: 112.78

    Previous Daily SMA100: 112.38

    Previous Daily SMA200: 111.01

Levels:

    Previous Daily High: 111.07

    Previous Daily Low: 110.16

    Previous Weekly High: 111.41

    Previous Weekly Low: 110

    Previous Monthly High: 114.25

    Previous Monthly Low: 112.3

    Previous Daily Fibonacci 38.2%: 110.5

    Previous Daily Fibonacci 61.8%: 110.72

    Previous Daily Pivot Point S1: 109.89

    Previous Daily Pivot Point S2: 109.56

    Previous Daily Pivot Point S3: 108.97

    Previous Daily Pivot Point R1: 110.8

    Previous Daily Pivot Point R2: 111.39

    Previous Daily Pivot Point R3: 111.72

Disclaimer

This article 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.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.

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