USD/JPY fades back towards 108.00, but risk-off mood remains
- Apple cuts first-quarter profit expectations, citing Chinese slowdown, sparks massive broad-market slide into safe havens.
- Investor fears of a global growth slowdown are coming home to roost as risk assets continue to plunge.
USD/JPY is currently churning near 107.75 as markets slowly fade the day's early drop on refreshed global risk aversion, fueled by a disappointing Apple earnings forecast. Investors fearing a steepening global economic contraction were spooked by Apple's reduction of first quarter profits expectations, citing China's lagging growth.
The Dollar-Yen pairing tumbled some 420 pips from the beginning of the overnight session to a low of 104.70, where fade action bounced the pair back to between 107.50 and 108.00, where USD/JPY looks set to continue churning as roiled markets collect themselves and take stock, though broadly bearish market sentiment is unlikely to see the pair make a full recovery unless the Pacific-Asia market session sees a full revival of risk appetite.
USD/JPY Technical Levels
Today Last Price: 107.68
Today Daily change: -1.4e+2 pips
Today Daily change %: -1.28%
Today Daily Open: 109.08
Previous Daily SMA20: 111.71
Previous Daily SMA50: 112.6
Previous Daily SMA100: 112.33
Previous Daily SMA200: 111.08
Previous Daily High: 109.76
Previous Daily Low: 108.71
Previous Weekly High: 111.41
Previous Weekly Low: 110
Previous Monthly High: 113.83
Previous Monthly Low: 109.55
Previous Daily Fibonacci 38.2%: 109.11
Previous Daily Fibonacci 61.8%: 109.36
Previous Daily Pivot Point S1: 108.61
Previous Daily Pivot Point S2: 108.13
Previous Daily Pivot Point S3: 107.55
Previous Daily Pivot Point R1: 109.66
Previous Daily Pivot Point R2: 110.24
Previous Daily Pivot Point R3: 110.72