USD/JPY finds support near 109.00
|The greenback is trading on the defensive vs. its Japanese counterpart at the beginning of the week, now taking USD/JPY to the low-109.00s ahead of the opening bell in Wall St.
USD/JPY looks to US yields
After briefly testing fresh daily lows in the 109.00 neighbourhood, the pair seems to have regained some attention against the backdrop of dull markets following the Jackson Hole Symposium last week.
Spot continues to trade in tandem with yields in the US money markets, where the 10-year benchmark is now hovering over the 2.17%, close to Friday’s lows in the boundaries of 2.16% and in the area of multi-week lows.
Further news around the safe haven JPY saw BoJ Governor H.Kuroda defending the current bond-buying programme at the recent symposium, although risk aversion trends in response to geopolitical jitters remain poised to cap any sustainable upside.
In the US data front, wholesale inventories, July’s goods trade balance and the Dallas Fed manufacturing index are all due later in the NA session.
USD/JPY levels to consider
As of writing the pair is retreating 0.17% at 109.17 and a breach of 108.58 (low Aug.18) would aim for 108.11 (low Apr.17) and finally 102.54 (low Nov.3 2016). On the upside, the immediate hurdle emerges at 109.53 (10-day sma) followed by 109.84 (21-day sma) and then 110.85 (38.2% Fibo of 114.51-108.58).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.