USD/JPY remained under some heavy selling pressure for the fourth consecutive session. The global flight to safety provided a strong boost to the JPY and weighing on the major. Bulls seemed rather unimpressed by a modest USD strength, weaker US economic data. The USD/JPY pair maintained its heavily offered tone through the early North American session and refreshed multi-week lows, around mid-104.00s in the last hour. Following an early uptick to the 105.15 region, the pair came under some renewed selling pressure and drifted into the negative territory for the fourth consecutive session on Thursday. The downfall was exclusively sponsored by a strong pickup in the demand for the Japanese yen and seemed rather unaffected by a modest pickup in the US dollar demand. The global risk sentiment took a hit after the Fed on Wednesday failed to offer any clues about any additional monetary stimulus. The Fed also upgraded its economic outlook and projected a much shallower contraction in 2020. This, in turn, prompted some USD short-covering move, albeit failed to impress bullish traders or lend any support to the USD/JPY pair. The JPY was further supported by the Bank of Japan’s less gloomy view on the domestic economy and largely shrugged off dovish comments by the BoJ Governor Haruhiko Kuroda, saying that the central bank would not hesitate to add monetary easing. In the post-meeting press conference, Kuroda further indicated the possibility for rates to go lower than current levels. The USD/JPY pair remained depressed near the lowest level since late July and failed to gain any respite from softer US macro releases. In fact, the Philly Fed Manufacturing Index matched consensus estimates and edged lower to 15 in September from 17.2 previous. Separately, the Initial Jobless Claims, Building Permits and Housing Starts all fell short of market expectations. Meanwhile, technical indicators on hourly charts are already flashing oversold conditions and warrant some caution for bearish traders. Hence, any subsequent weakness is more likely to find decent support near July monthly swing lows support near the 104.20-15 region. 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 Canada: ADP Employment Change arrives at -205.4K in August FX Street 2 years USD/JPY remained under some heavy selling pressure for the fourth consecutive session. The global flight to safety provided a strong boost to the JPY and weighing on the major. Bulls seemed rather unimpressed by a modest USD strength, weaker US economic data. The USD/JPY pair maintained its heavily offered tone through the early North American session and refreshed multi-week lows, around mid-104.00s in the last hour. Following an early uptick to the 105.15 region, the pair came under some renewed selling pressure and drifted into the negative territory for the fourth consecutive session on Thursday. The downfall was exclusively sponsored… 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.