|Day's Range||109.3 - 109.3|
|52 Week Range||104.8710 - 112.2260|
Based on the events over the weekend with the spreading of the coronavirus, we’re expecting to see a lower opening.
The US dollar has done very little against the Japanese yen, as the market tried to rally a bit, but at this point it looks very sluggish and like it’s going to struggle to go anywhere significant in the short term.
The British pound initially tried to rally and recover some of the losses from Thursday on early Friday but has turned around to show signs of weakness. At this point, the British pound looks likely to continue to grind back and forth but overall, I do think that it is a buying opportunity just waiting to happen.
The US dollar pulled back a bit during the week against the Japanese yen, as we are now likely to test the ¥109 level. That being said, there should be plenty of support just below as well.
The British pound rallied again during the week, breaking above the 200 week EMA before given back quite a bit of the gains. By doing so, the market has formed a bit of a shooting star, suggesting that perhaps we may have to pull back.
Conditions could change late in the session as investors decide whether to hold risky stock positions over the weekend.
Investing.com - The U.S. dollar is showing some strength against the safe haven Japanese yen Friday as a degree of calmness returns to traders who have fretted all week over the new pneumonia-like virus in China.
It’s a busy day ahead, with private sector PMIs for January to set the tone. Expect retail sales figures from Canada to also drive the Loonie.
The US dollar pulled back against the Japanese yen rather stringently during the trading session on Thursday, raking below the ¥109.50 level. However, we should have plenty of support underneath.
The British pound pulled back a bit against the Japanese yen during the trading session on Thursday, as we continue to see a lot of volatility in this pair. Ultimately, this is a market that is very risk sensitive, so keep in mind that it will ebb and flow with other markets.
The World Health Organization (WHO) postponed a decision Wednesday over whether to declare the disease a global emergency. However, the WHO is expected to make the announcement today. This news should dictate the next move in the Dollar/Yen.
Investing.com - The safe haven Japanese yen gained against the U.S. dollar Thursday on a sharp bout of risk aversion, as battles to contain the new pneumonia-like virus in China intensified, although volatility remained limited.
Employment figures give the Aussie a boost as the focus shifts to the ECB. Will Lagarde follow the BoC with a dovish outlook to sink the EUR?
The Japanese economy has been hit hard by the weak global economy, and the growth forecasts for 2020 could mean more economic turbulence lies ahead.
The US dollar initially tried to rally during the trading session on Wednesday but gave back the gains to show a less than impressive move against the Japanese yen.
The British pound shot higher against the Japanese yen during trading on Wednesday, as we continue to see upward pressure in general when it comes to this market. Remember, it is highly sensitive to risk appetite so keep that in mind.
The early price action suggests an easing of concerns over the spread of coronavirus could encourage investors to liquidate their safe-haven Japanese Yen positions placed earlier in the week. This would drive the USD/JPY higher.
Investing.com - The U.S. dollar edged higher Wednesday as traders took a calmer view of the emergence of the pneumonia-like virus in China, but its gains were minimal and caution was still abundant.
The US dollar has pulled back a bit during the trading session on Tuesday but found support below the 1.10 level to turn things around and show just how bullish this market truly is.
The British pound initially fell during the trading session on Tuesday, but then turned around to recovered quite nicely. The market broke above the ¥143.50 level, as the British employment numbers came out better than anticipated.