Uptick in the US equity index is boding well for USD/JPY. The pair needs to break above 110.29 to revive the broader uptrend. The bid tone around the anti-risk Japanese yen weakened, allowing USD/JPY to rise to 110.11, as the futures on the S&P 500 ticked higher hinting at risk reset in the financial markets. The US equities fell on Tuesday after Apple Inc said its revenue will be hit due to coronavirus. As a result, USD/JPY had dropped to a low of 109.66. Bulls need further gains While the recovery from 109.66 to 110.11 is encouraging, the pair is still trading within the range of last week’s Doji candle, meaning the market is still indecisive and the immediate outlook is neutral. A break above 110.29 (January high) is needed to confirm breakout or continuation of the rally from the August 2019 low of 104.45. Alternatively, a move below last week’s low of 109.56 would mean the period of indecision has ended in victory for the bears and could yield a deeper drop toward support at 108.30. Weekly chart Trend: Neutral 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 GBP/USD awaits UK Consumer Price Index for fresh moves FX Street 2 years Uptick in the US equity index is boding well for USD/JPY. The pair needs to break above 110.29 to revive the broader uptrend. The bid tone around the anti-risk Japanese yen weakened, allowing USD/JPY to rise to 110.11, as the futures on the S&P 500 ticked higher hinting at risk reset in the financial markets. The US equities fell on Tuesday after Apple Inc said its revenue will be hit due to coronavirus. As a result, USD/JPY had dropped to a low of 109.66. Bulls need further gains While the recovery from 109.66 to 110.11 is encouraging, the pair is… 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.
