USDJPY Lower On Fed Interest Rate Cut Speculation

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Nikolas Papas

Nikolas has been involved in the finance industry for over fifteen years spanning across Europe and USA with a depth of knowledge and experience within many aspects of the financial markets. Nikolas gained several years experience with some of the Europe’s leading Brokers, as equity analyst, and trader managing accounts for both Private and Corporate Investors. He enjoys both the fundamental and technical aspects of trading focusing on stock markets and all FX majors. Currently Nikolas provides analysis and comments to online financial publications. Educational background in Economics (BSc), and Finance (MSc).

USD/JPYMarch 04, 2020

USDJPY Lower On Fed Interest Rate Cut Speculation

USDJPY is trading 0.32% lower at 107.94, having hit the daily low at 107.65 and the daily high at 108.52. US Dollar is under selling pressure amid speculation that the Federal Reserve will proceed with an interest rate cut to offset the economic impact of the coronavirus spread.

On the technical side, the USDJPY pair will meet the first support at 107.65 the daily low. In case of a break lower more bids might emerge at 107.35 the low from yesterday’s trading session. On the other side, immediate resistance for the USDJPY pair now stands at 108.52 the daily high. More selling pressure would be met at 109.18 the 100-day moving average. All in all the momentum is negative for the pair and only a break above the 100-day moving average can cancel the recent bearish momentum.

TAGS: Technical analysisUSD/JPY

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