USD/JPY: Back to 77.00 supported

Early in the New York session, the US stock market rallied after opening lower and led to market sentiment pressure. The USD/JPY fell back to 77.00 from the 77.30 level in the European market and was stabilized.

USD/JPY hit a new high of 77.85 on Friday and then met with resistance. Today's US trading session pared gains, slipped to 76.75, and received support at that level, before rebounding and rebounding.

As a safe-haven currency, the demand for the yen has risen. According to Swissquote bank analyst Peter (Peter Arosenstreich) expects USD/JPY to face further downward pressure, he said: "Given the rising demand for safe-haven currencies, the USD/JPY will still face downward pressure. Initial support is expected to be 76.72 (August. 6-day low), then 76.43 (August 31 low) and 75.95 (Historical low)."

MIG Bank analysts said: “In the medium and long-term trend, the USD/JPY will remain bullish, and it is expected to break the 77.00 – 77.20 area. USD/JPY breaks through 77.20 and will resume its upward trend, which is expected to test the critical level of 80.24. It has approached the high point of 80.00 since the Bank of Japan second intervention."

The yen rose against the European currency from its intraday high. The EUR/JPY once hit a 10-year low of 103.88, then rebounded and rebounded, breaking the 105.00 level. The pound against the yen rebounded from 122.50 to the 122.50 level.

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