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20 Jul 2020

USD/JPY drifts back closer to session lows, just above 107.00 mark

  • USD/JPY struggled to preserve its early gains to 1-1/-week-tops amid renewed USD selling.
  • A weaker tone surrounding the US bond yields further contributed to the intraday pullback.
  • A modest recovery in the equity markets failed to impress bullish traders or lend any support.

The USD/JPY pair has now drifted back to the lower end of its daily trading range, with bears now awaiting a sustained break below the 107.00 round-figure mark.

The pair failed to capitalize on its Asian session bullish spike to 1-1/2-week tops, instead met with some fresh supply near the 107.55 region amid some a broad-based US dollar weakness. The ever-increasing number of coronavirus cases in the US dampened prospects for a swift recovery for the domestic economy and kept the USD bulls on the defensive.

Bearish traders further took cues from a weaker tone surrounding the US Treasury bond yields, which further contributed to the offered tone surrounding the greenback. Meanwhile, a slight recovery in the global risk sentiment, which tends to undermine the safe-haven Japanese yen, did little to lend any support or provide any meaningful impetus to the USD/JPY pair.

Looking at the technical picture, the pair's inability to capitalize on a move beyond a two-week-old trading range clearly points to persistent selling bias at higher levels. However, it will be prudent to wait for some strong follow-through selling below the 106.65-60 horizontal support before positioning for any further near-term depreciating move.

In the absence of any major market-moving economic releases from the US, the broader risk sentiment will influence demand for the safe-haven JPY. This, along with the USD price dynamics will be looked upon for some short-term trading opportunities.

Technical levels to watch

 

Jul 20, 2020

Bitcoin Market Update: BTC fails to live up to the status of digital gold

Bitcoin (BTC) resumed the decline during European hours and tested $9,133. While the critical support of $9,000 remains unbroken, the first digital co
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Jul 20, 2020

S&P 500: Key resistance still at 3233/39, upside bias while above 3173 – Credit Suisse

S&P 500 remains capped at its June high at 3233 and further consolidation is seen likely, with supports seen at 3198 initially, then 3173 ideally hold
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