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Japanese Yen Forecast: Key USD/JPY Levels to Watch

Japanese Yen Forecast: Key USD/JPY Levels to Watch

Justin McQueen, Strategist

Japanese Yen Analysis and Talking Points

  • USD/JPY Edges Higher With Risk Appetite
  • Downside Bias Remains
  • Key USD/JPY Levels to Watch

The Japanese Yen is softer to begin the week as risk sentiment remains robust having recovered from last week’s dip. That said, recent price action in USD/JPY signals a lack of conviction among traders with the pair somewhat rangebound. Given that the macro risks persist amid the potential threat of a second wave of coronavirus cases, alongside rising US/China tensions, the looks to be on the downside.

Japanese Yen Technical Levels

On the technical front, key support at 106.70 (50% Fibonacci retracement) has stemmed further downside for now. On the topside, option strikes ($2.2bln) at 107.50 may contain spot prices, while notable resistance is situated at 107.75-108.00. However, failure to upside USD/JPY at 108.00 may alleviate downside risks in the pair.

USD/JPY Price Chart: Daily Time Frame

Japanese Yen Forecast: Key USD/JPY Levels to Watch

Source: IG Charts

--- Written by Justin McQueen, Market Analyst

Follow Justin on Twitter @JMcQueenFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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