The overall performance of the Asian Pacific stock market is quite disappointing due to the outbreak of Coronavirus. The massive toll that it took on the Chinese economy has badly impacted other Asian countries. Moreover, the United States has released the pending reports on the US Non-Farm Payrolls. This has peaked the safe-haven demands in the stock market among various traders.
All these factors have prevented USD/JPY from performing well in the stock market today. As of now, the currency pair is trading at 109.902, which is down by 0.085%. The USD/JPY pair reached the highest point on Tuesday since January 21. This happened due to a positive report on the US Economic data. Moreover, China also announced that it would reduce its trade tariffs on US goods by half.
USD/JPY is Highly Unlikely To Cross 110.00
According to many analysts, the positive results of the US jobs data is not likely to benefit the value of Dollar much. So, the USD/JPY will not be able to exceed the 110.00 mark in the near future.
However, USD/JPY is expected to get support at 109.50 marks. But, the overall trend would be an upside one. As the price trend in this currency pair is upward, you can also see a support level at 109.821.
The USD/JPY did reach a record level of 110.20-30. However, this pair can possibly face some technical risk in the month of February. Thus, they can face resistance somewhere around 110.50 level.