USD/JPY Price Analysis: Dollar drops to fresh 2020 lows vs yen in response to the Fed shock cut

USD/JPY dropped to fresh 2020 lows following the emergency Fed cut.
The level to beat for bears is the 107.00 support.

USD/JPY daily chart

USD/JPY is trading to fresh 2020 lows below the 200-day simple moving averages (SMA) after the Fed decided to cut interest rates in an emergency measure.

USD/JPY four-hour chart

USD/JPY is challenging the 2020 lows while the market is trading below its main SMAs. Bears want a break below the 107.00 figure to trade down towards the 106.72 and 106.38 price levels. Resistance is seen near 107.90 and 108.17 levels.

Resistance: 107.90, 108.17, 108.51

Support: 107.00, 106.72, 106.38

Additional key levels

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