The Dollar-Yen succumbed to further Japanese Yen strength overnight after Health officials at the Centers for Disease Control (CFD) said Tuesday the coronavirus is “likely” to continue to spread throughout the United States and the American public should “prepare for the expectation that this is going to be bad.”
This follows news on Monday about a spike in cases in other countries in Asia, the Middle East and Europe, outside the virus’s epicentre in China.
Investors are closely watching reports in Italy, Iran and South Korea. Top White House economic advisor Larry Kudlow told news sources that the U.S. economy is “holding up nicely” and that the coronavirus in this country is “pretty close to air-tight’ containment.
So far, there have been 14 confirmed cases of the coronavirus illness COVID-19 in the U.S. and 40 other cases among people from the Diamond Princess cruise who were repatriated to the U.S., according to the CDC.
There also are three cases among people who were repatriated from Hubei province in China, where the respiratory virus emerged months ago. News of the uptick in U.S. cases comes as the worldwide count topped 80,200 people, the overwhelming majority in China. At least 2,704 people have died.
Viewing the technical assessment, the recent break of 111.35 strengthen the bearish sentiment and now reaches the 110.15, which now has the potential of extending to 109.55. Reassess from there.
Any renewed advances views above 110.55 to 111.15 now seen as a supply zone.