USD / JPY Forex Technical Analysis: Trader's Reaction to 108.008 could Set the Weekly Tone

Based on the initial price action and the current price at 107,901, the direction of the USD / JPY is likely to be determined by the reaction of the operator at the main Fibonacci level at 108.008. The dollar/yen is trading strongly on Monday as fears of global growth have fueled demand for safe-haven dollars. The fall in oil prices and commodity currencies creates the greatest fear for investors. The sense of risk at the start of the session is not as positive as last week, resulting in slight demand for the U.S. dollar, but gains have been limited by news that the New York government in Zealand will begin to ease strict virus containment measures the following week.

At 06:20 GMT, the USD / JPY is trading at 107.901, an increase of 0.347 or + 0.32%. In other news, Japan's exports fell in almost four years in March, as shipments to the United States, including cars, fell at the fastest rate since 2011, highlighting the damage the pandemic has caused. coronavirus has inflicted world trade. In addition to fearing that the world's third-largest economy will go into recession, data from the Ministry of Finance showed that Japanese exports fell 11.7% from the year to March, against an expected 10.1% drop by economists in a Reuters poll.