USD/JPY Hits Fresh Daily Lows as Sentiment Deteriorates

USD/JPY Hits Fresh Daily Lows as Sentiment Deteriorates

11 May 2016, 17:12
Roberto Jacobs
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USD/JPY Hits Fresh Daily Lows as Sentiment Deteriorates

USD/JPY fell briefly below 108.50 and posted fresh daily lows as the dollar weakened across the board while the yen benefitted from worsened market sentiment.

USD/JPY bottomed out at 108.43 at the beginning of the New York session, weighed further down for a negative opening in Wall Street. At time of writing, USD/JPY is trading at the 108.60 zone, still 0.59% below its opening price.

USD/JPY levels to consider

As for technical levels, next supports could be found at 108.26 (May 10 low), 107.49 (10-day SMA) and 107.07 (May 9 low). On the other hand, resistances are seen at 109.36 (May 11 high), 110.06 (100-week SMA) and 110.61 (50-day SMA)


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