USD/JPY: Good support at 108.30 – TDS

G10 FX markets have experienced big moves. JPY has strengthened across the board and is outperforming its G10 counterparts, analysts at TD Securities informs. The USD/JPY pair is trading at 108.697.

Key quotes

“With global equity markets in free-fall, the JPY is today's best-performing G10 currency as the yen firmly reasserts its safe-haven supremacy.”

“Japan's advantageous BoP backdrop provides the yen with ample cushion to offset many of the negative potential impacts of the viral outbreak.” 

“USD/JPY found good support just ahead of the 108.30/50 zone. This could be options-related, however. If risk appetite still remains under pressure, a break lower could be seen after month-end flows and the 10am ET options cut are behind us.”