Both USD and JPY gained after Donald Trump tested positive for the coronavirus. However, JPY outperformed USD. Looking at the chart from a technical point of view, we can see that the upward move on USDJPY slowed down and the pair pulled back from the resistance at 105.80. USDJPY broke below the local upward trendline at H1 interval but the downward move was halted at the key support near 104.90 (50% Fibonacci retracement and previous price reactions). Today’s data from the US labor market will be crucial for USD and traders should expect elevated volatility at 1:30 pm BST.
USDJPY H1 interval. Source: xStation5
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