Key news updates for USD/JPY
USD/JPY Technical Analysis
With USD/JPY posting sharp gains, we start at higher levels:
113.40 was the peak in October 2018.
112.73 has held in resistance since December 2018. This is followed by 112.25.
111.69 was tested in mid-February.
110.62 is an immediate support level.
107.30 is the final support line for now.
USD/JPY Daily Chart
I am bullish on USD/JPY
The Japanese yen is a safe-haven asset, but investors continue to snap up U.S. dollars, which has enjoyed broad gains. China is a close trading partner of Japan, and the COVID-19 outbreak has taken a heavy toll on the Japanese economy.