USD/JPY pair remained under some heavy selling pressure amid the global flight to safety. Collapsing US bond yields, Fed rate cut speculations continued weighing heavily on the USD. Bearish traders seemed unaffected by extremely oversold conditions ahead of the NFP report. The USD/JPY pair lost some additional ground on the last day of the week and tumbled to over six-month lows, below the 106.00 round-figure mark during the Asian session. The pair added to its recent heavy losses and remained under some heavy selling pressure for the second consecutive session on Friday. The downfall marked the pair’s third day of a negative move in the previous four – also the fifth in the last seven – and was sponsored by the coronavirus-led selloff across the global equity markets. Bears remained in control Growing market concerns that the virus outbreak will have a bigger than previously estimated impact on the global economy weighed in investors’ sentiment. The nervousness was evident from a fresh wave of risk-aversion trade, which provided a strong boost to the Japanese yen’s safe-haven status and kept exerting pressure on the major. Apart from the global flight to safety, firming market expectations that the Fed will again have to cut interest rates by 50 bps for the second time this month resulted into a plunge in the US Treasury bond yields. This eventually aggravated the prevailing bearish pressure surrounding the US dollar and further collaborated to the pair’s downfall. The bearish trajectory seemed rather unaffected by extremely oversold conditions on short-term charts, which might now turn out to be the only factor that might help limit deeper losses, at least for the time being. Market participants now look forward to the closely watched US monthly jobs report for an immediate respite for the USD bulls. Technical levels to watch 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 ECB under pressure to act on COVID-19 fears – UOB FX Street 3 years USD/JPY pair remained under some heavy selling pressure amid the global flight to safety. Collapsing US bond yields, Fed rate cut speculations continued weighing heavily on the USD. Bearish traders seemed unaffected by extremely oversold conditions ahead of the NFP report. The USD/JPY pair lost some additional ground on the last day of the week and tumbled to over six-month lows, below the 106.00 round-figure mark during the Asian session. The pair added to its recent heavy losses and remained under some heavy selling pressure for the second consecutive session on Friday. The downfall marked the pair's third day of… 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.