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10 Mar 2020

USD/JPY aims to recover Monday’s losses amid hopes of stimulus

  • USD/JPY takes a U-turn from Monday’s drop that refreshed a multi-month low.
  • Hopes of the US stimulus put a bid on the US equity futures, treasury yields.
  • Efforts from China and upbeat sentiment at the rest of the key economies also support risk rebound.

While taking clues from the US equity futures and treasuries, not to forget Asian stocks, USD/JPY takes the bids to 104.81, up 2.33% with the intra-day high of 105.00, during the pre-Europe session on Tuesday.

The yen pair bounces off the lowest since late-2016 as US President Donald Trump’s signals to ‘major’ economic measures to counter coronavirus (COVID-19) triggered the risk-on. The same helps the US 10-year and 30-year treasury yields to take a U-turn from their record lows marked the previous day while also supporting the US equity futures to register nearly 3.5% gains by the press time.

Also supporting the risk-tone could be China’s opening of Wuhan borders for travelers while Japan’s readiness to announce the second stimulus as well as upbeat comments from Australia and New Zealand.

Furthermore, US Vide President Mike Pence’s assurance of enough testing kits in the labs as well as no delay in the Tokyo Olympics can be considered as additional boosters to the risk-on.

Traders are now waiting for the clear signals of US President Trump’s real measures to tame the negative implications of the virus. However, the major risk recovery could only take place if there is news of any cures.

Technical Analysis

A sustained run-up beyond August 2019 low near 104.85 enables the buyers to question October 2019 bottom 106.50. On the contrary, 103.00 and 102.30 should restrict the pair’s near-term declines during its another U-turn.

 

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