- The US dollar falls to the London level, the DXY falls to 89.81.
- USD / JPY corrects further lower after being rejected above 110.00.
The USD/JPY it broke below 109.60 and fell to 109.34, reaching the lowest level since Thursday. At time of writing, it is trading modestly below 109.50, a 35-pip drop on the day.
Monday’s correction comes after the US dollar was rejected above 110.00. On Friday it hit a high of 110.19, before bouncing lower. On Monday, price action remains limited amid a holiday in the US For the past hour, the dollar fell across the board.
Volatility is expected to remain low ahead of the Asian session. On Tuesday, the economic calendar shows PMIs as the key event of the day; Regarding the week, the focus is on Friday’s NFP.
The US economic figures are having a huge impact on US yields, which is weighing on the USD / JPY. The 10-year yield closed lower last week below 1.60% and weighed on the dollar.
On the downside, the immediate support in USD / JPY is the level of 109.30 followed by 109.00 / 05. On the upside, now 109.60 is a resistance level and then 109.75 before the 110.00 area.
Technical levels
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