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The greenback was bidded up against the Yen amid sentiment deterioration despite broad US Dollar sell-off. - USD/JPY Market Outlook – 01/05/2020

SquaredFinancial

Fundamental Highlights

* The greenback was bidded up amid sentiment deterioration despite broad US Dollar sell-off.
* Global equities turned red after US employment data showed over 3.8 million people filed for unemployment last week, denting the market sentiment even further.

Technical Analysis

* The Dollar found support at the 106.50 level, pushing price as high as 107.40 yesterday. If the bulls gather momentum and break above the 50-period SMA and the bearish trend line which is around 107.30, then 108 will be their next target.

Support: 107 / 106.50
Resistance: 107.30 / 108

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Source: https://www.squaredfinancial.com/learn/daily-market-outlook/the-greenback-was-bidded-up-against-the-yen-amid-sentiment-deterioration-despite-broad-us-dollar-sell-off-usd-jpy-market-outlook-01-05-2020
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