USD/JPY is hovering around key Fibonacci level of 106.11. A big bounce is likely to remain elusive as markets are pointing to sustained risk-off. The US 10-year yield has hit fresh record lows. USD/JPY is looking to chart an oversold bounce in Asia, having bounced from under 106.11 – the 61.8% Fib retracement of Aug-Feb rally – during the overnight trade. The currency pair hit a session high of 106.34 a few minutes before press time and is currently trading at 106.15. The pair printed a six-month low of 105.97 during the US trading hours, as Wall Street tanked, boosting haven demand for the anti-risk Japanese yen. The S&P 500 fell by 3.39% as investors reassessed how much negative impact coronavirus would have on the economy and if rate cuts by the Federal Reserve would cushion the economy and markets. Also, the US 10-year treasury yield declined from 1.06% to 0.897%. At press time, the futures on the S&P 500 are reporting a 0.10% drop and the 10-year yield is trading at a fresh record low of 0.892%. As a result, the USD/JPY pair may have a tough time charting a notable bounce and could find acceptance under the key Fibonacci support at 106.11. Japan’s Finance Minister Taro Aso was out on the wires earlier today assuring markets that the government will take necessary steps depending on the urgency of the situation. Aso’s comments, however, did not have any impact on the JPY pairs. Technical levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Fed’s Kashkari: Rates may be hiked if coronavirus impact is not that bad FX Street 3 years USD/JPY is hovering around key Fibonacci level of 106.11. A big bounce is likely to remain elusive as markets are pointing to sustained risk-off. The US 10-year yield has hit fresh record lows. USD/JPY is looking to chart an oversold bounce in Asia, having bounced from under 106.11 - the 61.8% Fib retracement of Aug-Feb rally - during the overnight trade. The currency pair hit a session high of 106.34 a few minutes before press time and is currently trading at 106.15. The pair printed a six-month low of 105.97 during the US trading hours, as Wall Street tanked, boosting… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.