USD/JPY extends recovery from 107.37, still red for the second day. 50% Fibonacci retracement guards immediate upside, 21-day EMA offers nearby support. Sideways churn likely to continue amid mixed catalysts. USD/JPY pulls back from the daily bottom to 107.55 ahead of the European session on Wednesday. In doing so, the yen pair recovers from 21-day EMA while justifying the US dollar pullback amid fresh challenges to the risks. Increasing odds of fresh sanctions on China recently weigh on the market’s risk-tone, which in turn dims the earlier optimism backed by hopes of the coronavirus (COVID-19) cure and economic restart. That said, the US dollar index (DXY), a gauge of the greenback versus the major currencies, gains 0.15% from the lowest since May 01, 2020, to 99.15 by the press time. As a result, the pair buyers may again confront 50% Fibonacci retracement of April-May fall, around 107.70. However, 61.8% Fibonacci retracement near 108.10 will be the key resistance limit to the pair’s further upside. On the flip side, the quote’s daily closing below 21-day EMA level of 107.40 can aim for 107.00 ahead of resting on 23.6% of Fibonacci retracement near 106.77. USD/JPY daily chart Trend: Sideways 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 Binance is forced to “technically” support Steem’s recent hard fork – Changpeng Zhao FX Street 3 years USD/JPY extends recovery from 107.37, still red for the second day. 50% Fibonacci retracement guards immediate upside, 21-day EMA offers nearby support. Sideways churn likely to continue amid mixed catalysts. USD/JPY pulls back from the daily bottom to 107.55 ahead of the European session on Wednesday. In doing so, the yen pair recovers from 21-day EMA while justifying the US dollar pullback amid fresh challenges to the risks. Increasing odds of fresh sanctions on China recently weigh on the market’s risk-tone, which in turn dims the earlier optimism backed by hopes of the coronavirus (COVID-19) cure and economic restart. That… 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.
