USD/JPY remains on the back foot as Japan’s Q4 Final GDP matches downbeat expectations. Coronavirus exerts downside pressure on the pair, expectations of another rate cut from the Fed add strength into the bearish momentum. Second-tier data from Japan can offer intermediate direction, COVID-19 will remain as the key catalyst. USD/JPY holds onto 1.50% losses, marking 103.90 as a quote, after the final reading of Japan’s fourth quarter (Q4) GDP matched downbeat forecast during Monday’s Asian session. Read: Breaking: Japanese GDP (QoQ) (Q4): -1.7% vs -1.7% exp, -1.6% prior The headlines growth figure confirms the -1.7% market consensus versus -1.6% initial forecast. The GDP data confirms further challenges to the Asian economy amid coronavirus (COVID-19) fears that have been dragging to the quote downwards. That said, the US 10-year treasury yields drop to the fresh record low of 0.501% while S&P 500 Futures drop 4.74% to 2,823, down 140 points, by the press time. On Friday, Japan’s Economy Minister Nishimura and Finance Minister Taro Aso both accepted growing challenges to the Japanese economy due to the deadly virus while also showing readiness to act if needed. Earlier, Japan’s Prime Minister Shinzo Abe also signaled that the Asian nation stays ready to act but suggested no strong measures. However, nothing stops the Reuters poll to anticipate further monetary easing from the BOJ in March. On the contrary, the US Federal Reserve policymakers are trying to turn down the odds of another rate cut in the current month after recently taking the Fed rate down by 50 basis points (bps). Though, Westpac said, “Markets are pricing a 100% chance of a 50bp cut at the next FOMC meeting on 18 March, and a terminal rate of 0.24% (vs Fed’s mid-rate at 1.13% and effective FFR 1.09% currently).” As per the positioning data is for the week ending 3 March 2020, analysts at the Australia and New Zealand Banking Group (ANZ) said that Further buying of the safe-haven currencies can be expected if the risk complex around COVID-19 aggravates. While coronavirus headlines continue to take the driver’s seat, Japan’s Eco Watchers Survey for February, up for publishing around 05:00 GMT, may offer intermediate direction. It should be noted that there are no major data/events from the US to watch. Technical Analysis November 2016 low surrounding 102.80/70 holds the key to the pair’s fall towards 100.00 psychological magnet, also comprising lows marked during September 2016. Alternatively, any recovery beyond October 2019 bottom bear 106.50 is less likely to recall the buyers. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Some White House officials privately believe number of US coronavirus cases will double or more in next 48 hours – Washington Post FX Street 3 years USD/JPY remains on the back foot as Japan’s Q4 Final GDP matches downbeat expectations. Coronavirus exerts downside pressure on the pair, expectations of another rate cut from the Fed add strength into the bearish momentum. Second-tier data from Japan can offer intermediate direction, COVID-19 will remain as the key catalyst. USD/JPY holds onto 1.50% losses, marking 103.90 as a quote, after the final reading of Japan’s fourth quarter (Q4) GDP matched downbeat forecast during Monday’s Asian session. Read: Breaking: Japanese GDP (QoQ) (Q4): -1.7% vs -1.7% exp, -1.6% prior The headlines growth figure confirms the -1.7% market consensus versus -1.6% initial… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.