Economy Forex News

USD/JPY can’t hold above 111.00, falls to session lows

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  • US dollar’s reversal from 112.00 high extends below 111.00 level.
  • Yen appreciates against a weaker dollar in a risk-off session.
  • The pair expects to consolidate between 110.30 and 111.70 – UOB.

The US dollar has been trading sideways, moving around 111.00 level against the Japanese yen on Monday. USD/JPY has opened the week on a soft note with investors awaiting the release of the US Non-Farm Payrolls report due next Friday.

USD/JPY

MetaNews.

US dollar falls further from yearly highs.

For the third consecutive day, the pair is lowering, extending its reversal from 19-month highs just above 112.00 last week, to levels below 111.00.

With markets in China and South Korea closed for the national holiday, the US dollar has been on the defensive. Against a stronger yen, the dollar has fallen on a risk-averse sentiment among investors wary of making dollar bets ahead of Friday’s jobs report.

Markets have been more attentive to concerns about the monetary policy than to the better-than-expected macroeconomic data from August. That showed US factory orders improving beyond expectations despite the bottleneck in global supply chains.

USD/JPY: expected to consolidate below 112.00 – UOB

According to the UOB Group’s currency analysis team, the US dollar may have ended its recent rally at 112.00. For that reason it will consolidate at the current levels in the coming weeks.

“The USD broke the ‘strong support’ level at 111.10 (low 110.89).

The USD strength that started more than a week ago has apparently come to an end.

The current move is considered the early stages of a consolidation phase and the USD is likely to trade between 110.30 and 111.70 for now.”

EUR/JPY manages to advance beyond 129.00 level at the start of the week, making a fairly moderate comeback after making a floor at 128.50 earlier in the session.

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Michelle D. Madsen

Michelle D. Madsen graduated from the University of Westminster and has been deeply involved in the world of finance ever since. She has worked as a Broadcast Journalist hosting various news shows and informative webcasts about the financial markets. Since 2004 she has also been writing for Metanews daily, her attention to detail, and her in-depth knowledge of the financial markets have led her to cover Foreign Exchange and commodities. The world of finance has changed in the last few years with the introduction and rising popularity of cryptocurrencies. She has in no means been left behind, adding this to her bank of intellect and is now also an expert in cryptocurrencies. For the last ten years, Ms. Madsen has been engaged in the financial market. She has notedly written a great number of incredibly informative reviews for the crypto exchange and forex brokers. Her wealth of knowledge has enabled her to become a leading expert in the field. She continues to inform the public writing up-to-date, thorough reviews for the readers of Metanews as she has for the last decade.
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