USD gets hammered in Monday trading
Gary Christie June 8, 2020 4:59 PM
Important intraday price levels in play for the USD/JPY
USD gets hammered in Monday trading
The US Dollar was bearish against all of its major pairs on Monday. On the economic data front, no major economic data was released.
On Tuesday, The National Federation of Independent Business's Small Business Optimism Index for May is expected to rise to 92.5 on month, from 90.9 in April. Finally, Wholesale Inventories for the April final reading are expected to remain at +0.4% on month, in line with the April preliminary reading.
The Euro was bearish against most of its major pairs with the exception of the USD. In Europe, the Eurozone Sentix Investor Confidence Index for June was released at -24.8 (vs -22.0 expected). The German Federal Statistical Office has reported April industrial production at -17.9% (-16.8% on month expected).
The Australian dollar was bullish against most of its major pairs with the exception of the NZD and JPY.
The dollar index slipped 0.25 pt to 96.68. The USD/JPY had one of the largest pip moves on Monday after dropping 118 pips to 108.41 on Monday. For traders who are bullish the USD/JPY after today's slide, an interesting rebound play has emerged. Using a Fibonacci retracement we can see a rebound target of 108.84 and ultimately 109.05 to meet the 38.2% and 50% retracement levels. A break below today's low at 108.23 may put further pressure on the pair towards 107.9 support.
Source: GAIN Capital, TradingView
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