FXStreet (Mumbai) - Fresh offers continue to hit the US dollar at regular intervals, pushing the USD/JPY to another fresh session low of 119.35 levels.
Safe havens rise
The Fed’s dovish turn on Thursday caught markets off guard, leading to a sharp drop in the rate hike bets and moderate risk aversion in the financial markets. Consequently, the traditional safe haven assets – JPY, Gold, Treasuries are on the rise.
The Treasury yields dropped as well, with the long end of the market curve leading the way. The 10-yr yield now trades 4.8 basis points lower, while the 2-yr yield is down 3 basis points. Ahead in the day, the USD/JPY pair is likely to follow the overall market sentiment.
USD/JPY Technical Levels
The immediate support is now seen at 119.00 levels, under which the spot could target 118.59 (Sep 4 low). On the other side, resistance is located at 119.79 (previous day’s low) and 120.81 (200-DMA).
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