USD/JPY Holds Lower in Restricted Trading So Far Today

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USD/JPY Holds Lower in Restricted Trading So Far Today
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The pair is the main move so far on the day, down 0.5% to 138.80. The dollar was generally weaker across the board, but recouped some losses against other major currencies as we enter European trading. Coming back to USD/JPY, the thing to note is that the pair has now fallen back below its 100-day moving average (red line):

There is still minor daily support from the recent lows around 138.45 and then the 15th November low at 137.65 to follow. Other than relying on the technicals, traders don’t have much else to do for the rest of the week. Trading during the holidays will also make it a bit tricky to navigate the upcoming sessions.

Either way, as Treasury yields continue to decline, this will also keep pressure on USD/JPY when looking at the fundamental side of things. This continues to make the bond market a key driver for what’s next for the pair. In other words, market sentiment towards the Fed will remain a critical factor and it will be a balancing act between what the economic data says and what the Fed says or does.

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