USDJPY is 2.27% higher today as the US dollar recovers some of yesterday’s sharp losses. Investors shift aggressively to Japanese Yen as they are looking for cover to safe-haven assets amid the coronavirus impact and the sharp sell-off in crude oil. Today, investors’ sentiment improved amid speculation of further stimulus from the U.S.A. and Japan.
On the technical side, the USDJPY momentum is bearish and lower levels might be on the cards. The first resistance for the pair stands at 105.20 the daily high. The next resistance level stands at 106.33 the high from March 6.
On the downside, immediate support for GBPUSD will be met at 104 round figure and more bids might emerge at 102 the daily low.