USD / JPY ended higher this week, although it remains well below its mid-March and late March highs as moderate risk aversion continues to prevail in the markets, reports the FXStreet analyst Joseph Trevisani.
“The USD / JPY is positioned between the extremes of 112.00 and 111.00 during the third weeks of February and March and the lowest of 103.00 on March 9 and 10.”
“Industrial production suffered a five-month loss streak in February before the global virus shutdown and although the retail trade in February and the Tankan survey were better than expected, nor did they report the impact of China’s economic closings in March. “
“The extensive movement of the past six weeks has left many lines of support and resistance with the caveat that in fundamental markets technical considerations are easily overshadowed by market developments and news.”
“Resistance: 109.35, 109.60, 110.20. Support: 107.85, 107.10, 106.60. “