USD/JPY Falls 60 Pips After Trump Positive on COVID-19

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The USD/JPY has fallen more than 60 pips during the Asian session after the news that the United States president, Donald Trump, and his wife Melania tested positive for coronavirus. The pair was moving slightly higher, near 105.60, and has fallen sharply to an intraday low of 104.95. The pair is recovering slightly at the time of writing, although it is still negative around the 105.15-20 region.

The slide has broken the 200 hourly SMA. Moreover, it propelled the pair towards the 50% Fibonacci retracement of the September 21-30 upward move at 104.90. However, the 105.00 level could offer additional support.

The bears breaking below 104.90, the September 22 low near 104.40, would be a possible downside target.

On the other hand, the USD/JPY buyers’ return can only materialize if the pair recovers above the mentioned moving average level at 105.37.

The 105.60 level and the late September high of 105.80 may attract short-term bulls before targeting the round 106.00 level. 

A possible downside target would be bears moving below the lows of September near 104.40. 

The USD/JPY buyers would return if the pair recovered at the level of 105.37.

Donald Trump tests positive for the coronavirus

The United States President Donald Trump tweeted this Friday that he tested positive for COVID-19 after one of his team members got infected a few hours earlier.

Following the news of the COVID-19 infection from his adviser Hope Hicks, the United States President, Trump and his wife Melania were tested and awaited the results. Global markets became cautious before sinking on the confirmation that Trump has the coronavirus.

According to CNBC, the president and the first lady are doing well at the moment and recovering from the infection.

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