USD/JPY attracted some dip-buying on Wednesday and recovered a part of the overnight losses. The emergence of fresh buying around the USD contributed to the pair’s intraday rally of 50 pips. The bullish sentiment undermined the safe-haven JPY and remained supportive ahead of US CPI. The USD/JPY pair refreshed daily tops during the mid-European session, with bulls now looking to build on the momentum further beyond the 104.00 mark. The pair quickly reversed an intraday dip to near one-week lows, around mid-103.00s and has now recovered a part of the previous day’s losses. The intraday uptick got an additional boost amid the emergence of some fresh buying around the US dollar. The yield on the benchmark 10-year US government bond stalled its retracement slide from a 10-month high hit on Tuesday and helped revive the USD demand. This, in turn, was seen as a key factor behind the USD/JPY pair’s intraday gains of around 50 pips. Investors started pricing in the prospects for a more aggressive US fiscal spending in 2021 following the Democratic sweep in the US Senate runoff elections in Georgia. Expectations of a larger government borrowing sparked a bond-market selloff and boosted the USD. Apart from this, hopes for a strong global economic recovery remained supportive of the underlying bullish sentiment in the financial markets. The risk-on mood undermined the safe-haven Japanese yen and extended some additional support to the USD/JPY pair. Market participants now look forward to the US economic docket – highlighting the release of the latest consumer inflation figures. This, along with the US bond yields, will influence the USD price dynamics and produce some opportunities around the USD/JPY pair. 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 Germany’s Spahn: We are in one of the hardest phases of the pandemic FX Street 2 years USD/JPY attracted some dip-buying on Wednesday and recovered a part of the overnight losses. The emergence of fresh buying around the USD contributed to the pair’s intraday rally of 50 pips. The bullish sentiment undermined the safe-haven JPY and remained supportive ahead of US CPI. The USD/JPY pair refreshed daily tops during the mid-European session, with bulls now looking to build on the momentum further beyond the 104.00 mark. The pair quickly reversed an intraday dip to near one-week lows, around mid-103.00s and has now recovered a part of the previous day's losses. The intraday uptick got an additional boost… 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.
