Yen is drawing bids as US yields are losing ground. Investors are selling risk as coronavirus is beginning to look like a pandemic. USD/JPY is feeling the pull of gravity with coronavirus-led risk-off in full swing in Asia. At press time, the currency pair is trading in the red near 105.90, having hit a six-month low of 105.83 a few minutes before press time and a high of 106.34 in early Asia. The futures on the S&P 500 are down more than 1% and the Asian markets are a sea of red with Japan’s Nikkei leading the pack with 3% or 678 point drop. Meanwhile, the yield on the US 10-year treasury note has dropped to a new record low of 0.892%. The money is being moved out of risky assets like equities and into safe havens like the Japanese yen and the US treasuries as coronavirus is beginning to look like a global pandemic. Moreover, investors are getting increasingly worried that the virus will cause far greater damage to the global economy than previously estimated. Further, analysts think the interest rate cuts won’t fix broken supply chains or persuade people who are worried about being exposed to the virus to leave their homes. With virus fears dominating the market sentiment, the USD/JPY could continue to lose altitude during the day ahead. A big relief rally could unfold only if there is a drug breakthrough against the coronavirus outbreak. Currently, there are “no known” drug treatments against the virus, according to the World Health Organization (WHO). 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 USD/IDR Price Analysis: Bulls pay a little heed to the latest pullback FX Street 3 years Yen is drawing bids as US yields are losing ground. Investors are selling risk as coronavirus is beginning to look like a pandemic. USD/JPY is feeling the pull of gravity with coronavirus-led risk-off in full swing in Asia. At press time, the currency pair is trading in the red near 105.90, having hit a six-month low of 105.83 a few minutes before press time and a high of 106.34 in early Asia. The futures on the S&P 500 are down more than 1% and the Asian markets are a sea of red with Japan's Nikkei leading the pack with 3%… 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.