- The Japanese yen gains momentum as US Yields and Wall Street Futures fall.
- US Industrial Production stagnated in February against expectations of a 0.2% increase.
- USD/JPY is heading for the third consecutive weekly loss, and the lowest daily close in a month.
He USD/JPY continued to fall as US Treasury yields hit new yearly highs, falling as low as 131.99. The 132.00 area is critical support for the dollar.
Optimism moderates, yen emerges
US yields fall on Friday. The 10-year yield fell to 3.45%, while the 2-year yield sits at 4.06%, down 2.40% on the day. The drop in yields comes at a time when US stocks opened lower as markets remain jittery.
The US published Industrial Production with a result of 0% in February, against expectations of a 0.2% increase. The figures for January were revised upwards from 0% to 0.3%. Capacity utilization remains at 78%. Later on Friday, the University of Michigan will report on consumer sentiment.
Declining yields and sentiments are supporting the yen overall. USD/JPY lost more than a hundred points during the last three hours. The pair fell from 133.00 to 131.99.
As of this writing, USD/JPY is trading at 132.30, under pressure and eyeing 132.00. A consolidation below would point to further weakness. The next barrier is at 130.60.
|Last price today||132.43|
|Today Change Daily||-1.30|
|today’s daily change||-0.97|
|today’s daily opening||133.73|
|previous daily high||133.82|
|previous daily low||131.72|
|Previous Weekly High||137.91|
|previous weekly low||134.12|
|Previous Monthly High||136.92|
|Previous monthly minimum||128.08|
|Fibonacci daily 38.2||133.02|
|Fibonacci 61.8% daily||132.52|
|Daily Pivot Point S1||132.36|
|Daily Pivot Point S2||130.98|
|Daily Pivot Point S3||130.25|
|Daily Pivot Point R1||134.46|
|Daily Pivot Point R2||135.2|
|Daily Pivot Point R3||136.57|
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.