A goodish pickup in the USD demand assisted USD/JPY to attract some dip-buying on Wednesday. The prevalent risk-off mood might underpin the safe-haven JPY and keep a lid on any strong gains. Investors now look forward to a slew of US economic data for some meaningful trading impetus. The USD/JPY pair managed to rebound around 25-30 pips from an intraday low level of 105.43 and now seemed headed back to session tops. After refreshing two-week highs earlier during the Asian session on Wednesday, the pair witnessed a modest pullback from the 105.80 region amid a turnaround in the global risk sentiment. The chaotic end of the first round of debate between the incumbent President Donald Trump and his rival from the Democratic Party Joe Biden added to the already uncertain environment. Adding to this, Trump warned that the election results could be delayed for months because of the mail-in ballots and the next US president will not be announced on November 3rd. This, in turn, triggered a fresh wave of the global risk-aversion trade. The risk-off mood benefitted the safe-haven Japanese yen and exerted some pressure on the USD/JPY pair. However, a strong pickup in the demand for the US dollar extended some support, rather assisted the USD/JPY pair to attract some dip-buying at lower levels. Worries about the second wave of COVID-19 infections continued underpinning the greenback’s status as the global reserve currency. Bulls further took cues from a positive tone surrounding the US Treasury bond yields. The USD/JPY pair was last seen hovering near the 105.70 region as investors now look forward to the US macro data for a fresh impetus. Wednesday’s US economic docket highlights the releases of ADP report, the final Q2 GDP report, Chicago PMI, and Pending Home Sales. This, along with speeches by influential FOMC members will influence the USD price dynamics and produce some short-term trading opportunities during the early North American session. 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 USD/CAD turns flat below 1.3400 as focus shifts US and Canada GDP data FX Street 2 years A goodish pickup in the USD demand assisted USD/JPY to attract some dip-buying on Wednesday. The prevalent risk-off mood might underpin the safe-haven JPY and keep a lid on any strong gains. Investors now look forward to a slew of US economic data for some meaningful trading impetus. The USD/JPY pair managed to rebound around 25-30 pips from an intraday low level of 105.43 and now seemed headed back to session tops. After refreshing two-week highs earlier during the Asian session on Wednesday, the pair witnessed a modest pullback from the 105.80 region amid a turnaround in the global risk… 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.
