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USD/JPY refreshes 6-month lows near 109.35, risk-off at full steam

  • 2018 risks continue to haunt markets at the onset of 2019, Yen continues to outperform.
  • Technical set up points to further downside bias, a test of 109.00 inevitable.

The USD/JPY pair kicks-off the New Year on a weaker note, with the JPY bulls fighting back control, as the risk-off sentiment remains at full steam.

Heading into the first trading day of 2019, markets continue to remain nervous about various risks, including global economic slowdown, partial US shutdown, US-China trade war fears and the slump in global equities, which plagued the financial markets last year.

 As a result, the risk assets such as the Asian equities, oil, Treasury yields and the Antipodeans got sold-off while the safe-haven bids for the Yen got a fresh boost. Meanwhile, the 1% slump in the 10-year Treasury yields on Monday also continue to keep a check on the greenback’s recovery, eventually adding to the weight on the spot.

Looking ahead, as holiday-thinned trading extends, the US dollar dynamics and risk trends will continue to remain the main drivers for the major. Among the macro news, the US docket sees the final manufacturing PMI reading due to be published by Markit later on Wednesday.

USD/JPY Technical Levels

USD/JPY

Overview:
    Today Last Price: 109.39
    Today Daily change: -36 pips
    Today Daily change %: -0.328%
    Today Daily Open: 109.75
Trends:
    Previous Daily SMA20: 111.92
    Previous Daily SMA50: 112.67
    Previous Daily SMA100: 112.35
    Previous Daily SMA200: 111.06
Levels:
    Previous Daily High: 109.87
    Previous Daily Low: 109.57
    Previous Weekly High: 111.41
    Previous Weekly Low: 110
    Previous Monthly High: 113.83
    Previous Monthly Low: 109.55
    Previous Daily Fibonacci 38.2%: 109.75
    Previous Daily Fibonacci 61.8%: 109.68
    Previous Daily Pivot Point S1: 109.59
    Previous Daily Pivot Point S2: 109.42
    Previous Daily Pivot Point S3: 109.28
    Previous Daily Pivot Point R1: 109.89
    Previous Daily Pivot Point R2: 110.03
    Previous Daily Pivot Point R3: 110.19

 

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