USD/JPY nears a one-week low

Technical Analysis

Author: Adam Button | usdjpy

Early rally wiped out

USD/JPY is at the lows of the day and approaching a one-week low after the Asian rally was wiped out.

The pair is now down 11 pips on the day at 107.40 after climbing as high as 107.77. The July 1 low of 107.77 support ahead of the June 29 lows.

Early rally wiped out
In the bigger picture this pair remains right in the middle of range since the pandemic kicked off and is a poor tracking mechanism for the overall risk trade.

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