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  • Yen rises across the board as equity prices turn to the downside.  
  • Lower US yields weigh on USD/JPY.  

The USD/JPY pair turned to the downside after reaching 111.90 earlier today. Recently it fell to a fresh daily low at 111.64. The pair continues to correct lower after hitting yesterday at 112.12, the strongest level since December 20.  

The move to the downside accelerated today amid a decline in US yields and risk aversion. US data (trade deficit and ADP employment report) had no significant impact on the market.  

The 10-year yield dropped below 2.70% for the first time in a week. In Wall Street, the Dow Jones is down 0.35% after opening in positive territory, and the Nasdaq drops 0.58%.  

Risk aversion is seen in the currency market particularly in the decline among emerging markets. The euro and the pound are flat against the yen and modestly higher versus the greenback.  

USD/JPY Levels to watch  

To the downside, support levels might be seen at 111.60/65 (Mar 4 low), 111.25 (Feb 25 high) and 110.95. On the upside, immediate resistance stands at 111.70 (Asian session low), followed by 111.90 (daily high) and 112.00.  

USD/JPY

Overview:
       Today Last Price:  111.68
       Today Daily change:  19  pips
       Today Daily change %:  -0.17%
       Today Daily Open:  111.87
Trends:
       Daily SMA20:  110.77
       Daily SMA50:  109.87
       Daily SMA100:  111.38
       Daily SMA200:  111.36
Levels:
       Previous Daily High:  112.14
       Previous Daily Low:  111.64
       Previous Weekly High:  112.08
       Previous Weekly Low:  110.35
       Previous Monthly High:  111.5
       Previous Monthly Low:  108.73
       Daily Fibonacci 38.2%:  111.95
       Daily Fibonacci 61.8%:  111.83
       Daily Pivot Point S1:  111.63
       Daily Pivot Point S2:  111.38
       Daily Pivot Point S3:  111.13
       Daily Pivot Point R1:  112.13
       Daily Pivot Point R2:  112.38
       Daily Pivot Point R3:  112.63