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USD JPY today corrected sharply below 132.00 in the Asian session. The Yen's safe-haven appeal has soared amidst potential concerns over global banking turmoil triggered by interest rate hikes by western central banks.
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S&P 500 futures turned negative after giving up significant gains made in the morning session, reflecting negative market sentiment, despite UBS bailing out Credit Suisse. According to a Bloomberg report, the US regulator backed UBS’s deal to buy Credit Suisse for $3.3 billion. The DXY index is struggling to hold above the resistance of 103.80. It seems that the fears ahead of the Fed’s monetary policy are gone from the market. USD/JPY fell towards the 61.8% Fib retracement level (placed from the Jan. 16 low of 127.22 to the Mar. 8 high of 137.91) at 131.30 on the four-hour scale. The 10-period EMA falling below 132.35 suggests that the downward momentum is very strong. Also, the RSI 14 slipped into the bearish range of 20.00-40.00, which suggests further weakness. It seems that the downside pressure will continue if the asset gives up last week’s low of 131.55. The same event would bring the asset to the January 23 high around 130.89 followed by the February 10 low of 129.80. In the alternative scenario, a break above the 38.2% Fib retracement of 133.83 would strengthen the US dollar. This would likely push the asset to the March 15 high around 135.11 and the February 28 low of 135.73.
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