USD/JPY sturggles in bear markets and risk-off

By FXStreet FXStreet (Guatemala) – USD/JPY is currently trading at 119.31 with a high of 120/47 and a low of 118.69.

USD/JPY has started out the year with the Yen running the show. Investors are going where they feel safe and technical levels have come under pressure triggering stops right through the 119 handle with the 120.00 level well and truly left for dust.

The move started in Asia as Tokyo got going after the release of poor Chinese manufacturing data once again in the Caixan data. Then European stocks got hammered and then S&P 500 fell through the Dec lows and are trading at their lowest since October. Should the FOMC minutes and or Nonfarm Payrolls underline confidence for the Fed in the markets, this could be a trait that continues to benefit the Yen.

USD/JPY near-term downside levels

Technically, we have broken 119.11 and 2012-2015 uptrend and now target the uptrend from 118.11 (118.06 is October 2015 low). Below the market, 119.40 at time of writing, the previous Fibo support is at 119.06.
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Source:: FX Street