USD/JPY touches a high of 109.09
The Japanese yen may be the worst performing major currency on the day but it comes after yesterday's surge that saw it only bettered by the Swiss franc in overnight trading. The move comes from the risk-off sentiment triggered when US equities slumped that saw the S&P 500 close below 2,600 and fell by 3.75% on the day.
USD/JPY touched a low of 108.50 in early trading today, but has since recovered by almost 50 pips as the yen retraces some of its gains today in Asian trading.
The high posted by the pair yesterday was around the 109.75 level - which coincides with the 50.0 retracement on the hourly chart, and that has proven to be a level that has been rejected on more than once occasion over the past two weeks:
So, while buyers were able to break above the 100 and 200-hour MAs in trading yesterday, the 50.0 retracement level at 109.75 appears to be the more important level to break through given recent price action.
The fact that price is below the 100 and 200-hour MAs, shows that sentiment remains bearish. But we have neared the bottom of the recent range as well in the pair, so that should give buyers some incentive to try and test the upside once again.
Although, as long as buyers cannot find a way past the MAs and the 50.0 retracement level on the hourly chart, this remains another bounce that should be faded.
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