USD/JPY: Plentiful lines of support and resistance

The USD/JPY pair finished higher on the week, though it remains well below its peaks of mid and late March, as moderate risk aversion still orders markets, FXStreet’s analyst Joseph Trevisani reports.

Key quotes

“The USD/JPY is positioned between the extremes of 112.00 and 111.00 in the third weeks of February and March and the low of 103.00 on March 9 and 10.”

“Industrial production was riding a five-month losing streak in February before the global viral shutdown and though retail trade in February and the Tankan Survey were better than predicted neither chronicle the impact of China’s economic closures in March.”

“The extensive movement of the last six weeks has left plentiful lines of support and resistance with the caveat that in fundamental markets technical considerations are easily trumped by market developments and news.”

“Resistance: 109.35, 109.60, 110.20. Support: 107.85, 107.10, 106.60.”