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Yen stronger amid COVID-19 record cases – USD/JPY Market Outlook – 10/07/2020

SquaredFinancial

The Dollar/Yen extends losses below 107 as S&P 500 futures drop more than 1% amid intensifying risk-off sentiment. The record rise in coronavirus cases in the US spooked investors and diminished their hopes of a V-shape recovery. Moreover, the US Supreme Court’s rulings about President Donald Trump’s financial records added to the uncertainty around the US political scenario and dampened the mood further. Today, the Yen will likely extend its gains pushing the pair towards 106.50 if equities remain in a sell-off mood.

Support: 106.80 / 106.50
Resistance: 107 / 107.30

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Source: https://www.squaredfinancial.com/learn/daily-market-outlook/yen-stronger-amid-covid-19-record-cases-usd-jpy-market-outlook-10-07-2020
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