A strong pickup in the USD demand assisted USD/JPY to rebound swiftly from the 104.00 mark. A selloff in the equity markets benefitted the JPY’s safe-haven status and capped the upside. The USD/JPY pair spiked to fresh daily tops, around the 104.80-85 region in the last hour, albeit lacked any strong follow-through and quickly retreated few pips thereafter. The pair stalled its recent bearish trajectory and managed to find decent support near the 104.00 round figure mark amid oversold conditions on short-term charts. The strong recovery from the lowest level since March 8th was exclusively sponsored by a strong pickup in the US dollar demand. Concerns that the second wave of coronavirus infections could halt the current economic recovery provided a strong boost to the greenback’s status as the global reserve currency. This, in turn, was seen as a key factor that prompted some aggressive short-covering move around the USD/JPY pair. The USD buying interest picked up pace during the early North American session and pushed the pair to an intraday high level of 104.84. However, a selloff in the equity markets extended some support to the Japanese yen’s safe-haven status and kept a lid on any further gains for the USD/JPY pair. Hence, it will be prudent to wait for some strong follow-through buying before confirming that the pair might have bottomed out in the near-term and positioning for any further near-term appreciating move. Market participants now look forward to the Fed Chair Jerome Powell’s speech for a fresh impetus. 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 Bitcoin Price Prediction: BTC needs to defend critical support level at $10,600 FX Street 2 years A strong pickup in the USD demand assisted USD/JPY to rebound swiftly from the 104.00 mark. A selloff in the equity markets benefitted the JPY’s safe-haven status and capped the upside. The USD/JPY pair spiked to fresh daily tops, around the 104.80-85 region in the last hour, albeit lacked any strong follow-through and quickly retreated few pips thereafter. The pair stalled its recent bearish trajectory and managed to find decent support near the 104.00 round figure mark amid oversold conditions on short-term charts. The strong recovery from the lowest level since March 8th was exclusively sponsored by a strong pickup… 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.