USD/JPY reversed an early dip to the 106.55 region and turned positive for the day. A combination of factors held investors from placing bullish bets and capped gains. The USD/JPY pair moved back closer to three-week tops set on Wednesday, with bulls still awaiting a sustained move beyond the 107.00 round-figure mark. The managed to attract some dip-buying near the 106.55 region and moved into the positive territory for the fifth consecutive session on Thursday. The uptick was supported by a goodish intraday bounce in the US Treasury bond yields, albeit a combination of factors kept a lid on any strong follow-through positive move, at least for the time being. The political deadlock over the next round of the US fiscal stimulus measures continued exerting downward pressure on the US dollar, which remained depressed despite upbeat US macro data. According to the Labor Department, the number of Americans filing for unemployment benefits fell to 963K as against consensus estimates pointing to a reading of 1.12 million. Apart from this, a cautious mood around the equity markets extended some support to the safe-haven Japanese yen. This, in turn, further contributed towards capping the upside fo the USD/JPY pair. Hence, it will be prudent to wait for some strong follow-through buying beyond the 107.00 mark before positioning for an extension of the recent bounce from five-month lows. In the meantime, the broader market risk sentiment and the USD price dynamics will be looked upon for some short-term trading opportunities. 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 WH adviser Kudlow: Heavy borrowing is necessary to fight coronavirus pandemic FX Street 2 years USD/JPY reversed an early dip to the 106.55 region and turned positive for the day. A combination of factors held investors from placing bullish bets and capped gains. The USD/JPY pair moved back closer to three-week tops set on Wednesday, with bulls still awaiting a sustained move beyond the 107.00 round-figure mark. The managed to attract some dip-buying near the 106.55 region and moved into the positive territory for the fifth consecutive session on Thursday. The uptick was supported by a goodish intraday bounce in the US Treasury bond yields, albeit a combination of factors kept a lid on any… 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.
