Advertisement
Advertisement
Advertisement
Avatrade
Advertisement
24Option
XM.com - Trade Forex with up to 1:500 Leverage and up to $5000 Bonus.
FXRank technical section offers a profound and in-depth text and video Forex and Commodities technical analysis reports done by professional analysts with a great understanding of the market
Advertisement XM

USD/JPY finds resistance at 107, still up more than 1% near mid-106s

Written by By Eren Sengezer | 2019-08-13 15:51:28 GMT
  • Market sentiment improves on US-China trade headlines.
  • Riot police reportedly pushing back protestors at Hong Kong airport.
  • 10-year US Treasury bond yield adds more than 2% on Tuesday.

The USD/JPY pair gained more than 150 pips in the hour following the United States Trade Representative's (USTR) announcement of the decision to delay additional tariffs on some of the Chinese imports including a variety of consumer electronics. However, after climbing higher toward the 107 mark, the pair retraced a portion of its recent upsurge and was last seen trading at 106.48, still adding 1.15% on a daily basis.

Minutes after China’s Ministry of Commerce said Vice Premier Liu He conducted a phone call with the USTR Lighthizer and Treasury Secretary Mnuchin, USTR's office said they will be delaying the 10% tariffs that had been scheduled to start next month until December 15. With the initial reaction, the 10-year US Treasury bond yield surged higher and was last up more than 2% on the day and Wall Street's main indexes rose sharply with the Nasdaq Composite rising as much as 2.5%.

Risk-on flows dominate markets

The improved risk sentiment weighed on traditional safe-havens such as the JPY and gold and caused them to suffer heavy losses against the USD. Furthermore, this development also ramped up the demand for the Greenback by weakening the probability of the Federal Reserve cutting rates more than once in the remainder of the year. The US Dollar Index rose to a six-day high of 97.80 and is now at 97.72, gaining 0.35% on a daily basis.

Despite this positive development, the latest headlines from Hong Kong hint at a further escalation of the situation with the riot police reportedly using pepper spray to push back protestors at the Hong Kong International Airport, not allowing investors to fully take advantage of the risk-on atmosphere.

Technical levels to watch for

USD/JPY

Overview
Today last price 106.52
Today Daily Change 1.22
Today Daily Change % 1.16
Today daily open 105.3
 
Trends
Daily SMA20 107.43
Daily SMA50 107.85
Daily SMA100 109.3
Daily SMA200 110.23
Levels
Previous Daily High 105.7
Previous Daily Low 105.05
Previous Weekly High 107.09
Previous Weekly Low 105.26
Previous Monthly High 109.01
Previous Monthly Low 107.21
Daily Fibonacci 38.2% 105.3
Daily Fibonacci 61.8% 105.45
Daily Pivot Point S1 105
Daily Pivot Point S2 104.7
Daily Pivot Point S3 104.35
Daily Pivot Point R1 105.65
Daily Pivot Point R2 106
Daily Pivot Point R3 106.3

 

 

Author

By Eren Sengezer

Start Trading With Top Industry Brokers

Broker Profile Open Account
CapitalIndex
  • Minimum Deposit: 50 USD
  • Leverage of up to 1:500
  • Broker Type : STP
  • Regulation : FCA (UK), ASIC, SCB
  • capitalindex
    XM
  • Minimum Deposit: 5 USD
  • Leverage of up to 1:30
  • Leverage applies to all EU regulated entities of the group. Leverage depends on the financial instrument traded.
  • Broker Type : Market Maker
  • Regulation : CySEC,ASIC ,FCA
  • XM
    octafx
  • Offer: 50% Deposit Bonus
  • Minimum Deposit: 50 USD
  • Leverage of up to 1:500
  • Broker Type : ECN/STP & STP
  • Regulation : FCA (UK), 679306 IFSA (St. Vincent and Grenadines), 19776 IBC 2011
  • octafx

    The Best Crypto to Crypto

    Exchanger Advantages Open Account
    binance
  • Safety Stability: Multi-tier & multi-cluster system architecture
  • Binance charges a quite low commission fee
  • Multiple-Coin Support : BTC, ETH, LTC, BNB...
  • High Liquidity
  • Multiple-Language Support
  • binance
    changelly
  • Instant cryptocurrency exchange
  • More than 500,000 satisfied users
  • Changelly charges a quite low commission fee
  • Safety Stability
  • changelly
    bitmex
  • Bitmex - Bitcoin Mercantile Exchange is a cryptocurrency derivatives trading platform.
  • Bitmex charges a quite low commission fee
  • Safety Stability
  • changelly

    Best Brokers to Trade Crypto

    Broker Profile Open Account
    CapitalIndex
  • Minimum Deposit: 50 USD
  • Leverage of up to 1:500
  • Broker Type : STP
  • Regulation : FCA (UK), ASIC, SCB
  • capitalindex
    XM
  • Minimum Deposit: 5 USD
  • Leverage of up to 1:30
  • Leverage applies to all EU regulated entities of the group. Leverage depends on the financial instrument traded.
  • Broker Type : Market Maker
  • Regulation : CySEC,ASIC ,FCA
  • XM
    HotForex
  • Offer: 100% Deposit Bonus
  • Minimum Deposit: 50 USD
  • Leverage of up to 1:500
  • Broker Type : STP
  • Regulation : CySEC, 183/12 FSC (Mauritius), 094286
  • HotForex

    Contact us
    fxrank.net@gmail.com