USDJPY struggles to regain 115.00 on sluggish yields amid coronavirus fears
gained some positive traction and climbed to a fresh monthly high during the early part of the trading on Tuesday. Bulls, however, struggled to capitalize on the move and faced rejection near the key 115.00 psychological mark.
Meanwhile, technical indicators on the daily chart are holding comfortably and are still far from being in the overbought territory. This, in turn, supports prospects for the emergence of some dip-buying and an eventual break through the trend channel. The latter is currently pegged near the 113.80-75 region, which if broken decisively might shift the near-term bias in favour of bearish traders and prompt some technical selling. The USD/JPY pair might then accelerate the fall towards the 113.10-113.00 region.
The momentum could further get extended and allow bullish traders to aim back to reclaim the 116.00 round-figure mark for the first time since January 2017. added to the previous day's positive move and shot to the 115.00 neighbourhood, or a fresh one-month high during the Asian session on Tuesday. The momentum was exclusively sponsored by the prevalent risk-on environment, which tends to undermine demand for the safe-haven Japanese yen.
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