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.