USD/JPY once again met with some fresh supply near the 107.75-80 region. Concerns about rising COVID-19 cases benefitted the safe-haven Japanese yen. A subdued USD price action did little to influence or lend any support to the pair. The USD/JPY pair failed to capitalize on its early uptick, rather met with some fresh supply and dropped to session lows, around the 107.45 region in the last hour. Following the previous day’s intraday pullback from weekly tops, the pair managed to regain some positive traction during the Asian hours on Wednesday but once again struggled to make it through the 107.75-80 supply zone. Investors remained cautious amid concerns about the ever-increasing number of new coronavirus cases. This coupled with the possibility of renewed lockdown dampened prospects for a sharp V-shaped global economic recovery. This, in turn, extended some support to the safe-haven Japanese yen and capped any meaningful upside for the USD/JPY pair. Meanwhile, a subdued US dollar demand also did little to impress bulls or influence the price action. The pair has now retreated around 25 pips from daily tops, albeit remains well within this week’s trading range. This makes it prudent to wait for some follow-through selling before positioning for any further downfall. There isn’t any major market-moving economic data due for release from the US. Hence, the broader market risk sentiment and the USD price dynamics might continue to play a key role in producing some 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 Australia: Re-opening reversal to see a mild economic setback – Deutsche Bank FX Street 3 years USD/JPY once again met with some fresh supply near the 107.75-80 region. Concerns about rising COVID-19 cases benefitted the safe-haven Japanese yen. A subdued USD price action did little to influence or lend any support to the pair. The USD/JPY pair failed to capitalize on its early uptick, rather met with some fresh supply and dropped to session lows, around the 107.45 region in the last hour. Following the previous day's intraday pullback from weekly tops, the pair managed to regain some positive traction during the Asian hours on Wednesday but once again struggled to make it through the 107.75-80… 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.
