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The USDJPY is falling for a second consecutive session after having lost over 100 pips at the start of the week. Market sentiment turned sour on Tuesday, allowing for the Japanese Yen to rise over its major rivals and keeping the USDJPY in bearish territory.
The pair is down over 1.60 percent in the past two days despite a slight recovery late in the European Trading session. The critical psychological mark at 108 was tested and eventually succumbed to the selling pressure, opening the door to further losses in the near term. As the risk-off mood maintains a grip on markets, the USDJPY may remain under pressure for the time being.
On the economic data front, there hasnt been any large market-moving releases today affecting the pair, though investors are likely preparing a move ahead of the US Federal Reserve interest rate decision and FOMC meeting minutes on Wednesday.
Analysts are expecting the Fed to announce further monetary stimulus and a status quo on current interest rates; however, the probability of a rate increase to the 0.25-0.50 level has slowly gained attention after the positive economic figures released last week.
On the US equities front, Wall Streets indices had a poor showing today, with both the Dow and S&P closing in the red. Signs of weakness in the stock market boosted safe-haven assets such as the Japanese Yen and gold to the detriment of the greenback.
From a technical perspective, the USDJPY will likely look to stabilize around its 50-day moving average in red before breaking out lower barring any strong recovery in market sentiment. We expect increased volatility in the pair ahead of tomorrows Fed meeting, which could trigger some profit-taking from the bears and in turn provide some support to the USDJPY.
(Chart Source: Tradingview 09.06.2020)
On the upside, the pair will attempt to test the 108 marks, which proved extremely difficult to cross above before last weeks surge in US equities. Should the downturn in equities witnessed today be only a blip, the greenback will likely garner increased interest in the coming sessions, and resume its medium-run bullish momentum.
Disclaimer: This material has been created for information purposes only. All views expressed in this document are my own and do not necessarily represent the opinions of any entity.
本文标题：GOLDWELL：USDJPY Punches Below 108
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