USD/JPY trades in the 104.10 price zone, modestly recovering from a daily low of 103.99. The pair is technically oversold, but there are no signs of a bottom just yet as concerns about global growth and new lockdowns in Europe spur demand for safety, FXStreet’s Chief Analyst Valeria Bednarik briefs. Key quotes “Concerns about global growth fueled by raising coronavirus cases in Europe and new localized lockdowns announced are behind the dismal market mood. In the data front, Japanese markets were closed amid a local holiday. The US session will bring the August Chicago Fed National Activity Index, foreseen at 1.95 from 1.18 in July. Also, several FOMC members will speak today, including chair Powell, although he is not due to referring to monetary policy.” “The 4-hour chart shows that technical indicators have pared their declines but stand within oversold readings. A firmly bearish 20 SMA remains above the current level and below the larger ones, which also gain bearish strength.” “The USD/JPY pair may correct oversold conditions but would need to extend its recovery above 104.50 to shrug off its bearish strength, quite unlikely at the time being.” 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 US Dollar Index Price Analysis: Another attempt to 93.70 looks likely FX Street 1 year USD/JPY trades in the 104.10 price zone, modestly recovering from a daily low of 103.99. The pair is technically oversold, but there are no signs of a bottom just yet as concerns about global growth and new lockdowns in Europe spur demand for safety, FXStreet’s Chief Analyst Valeria Bednarik briefs. Key quotes “Concerns about global growth fueled by raising coronavirus cases in Europe and new localized lockdowns announced are behind the dismal market mood. In the data front, Japanese markets were closed amid a local holiday. The US session will bring the August Chicago Fed National Activity Index, foreseen at… Top 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.
