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The USD demand remains on the rise – USD/JPY Market Outlook – 24/09/2020

SquaredFinancial

The Dollar/Yen reached our 105.50 target yesterday as the demand for the greenback remains on the rise. Yesterday, the BoJ minutes revealed that a few members said prolonged damage to economy from pandemic could lead to solvency problems for some firms, affect financial system stability, which could impact negatively on the Yen in the long-run. If US Equities resume the selloff today, the demand on the USD will probably remain strong, pushing the pair towards the 200-period SMA.

Support: 105.15 / 104.85
Resistance: 105.50 / 105.85

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Source: https://www.squaredfinancial.com/learn/daily-market-outlook/the-usd-demand-remains-on-the-rise-usd-jpy-market-outlook-24-09-2020
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