The bearish perspective around USD/JPY remains unaltered for now despite the ongoing bounce from recent 4-month lows at 104.20. Nonetheless, a move to 2020 lows around 101.20 looks unlikely for the time being as oversold conditions support the technical rebound, FXStreet’s Pablo Piovano reports. Key quotes “Dollar weakness and lower US yields followed the historic slump in the US economic activity in the second quarter along with the protracted deterioration in the US labour market and the unabated advance of the pandemic. If we add political jitters plus the omnipresent US-China effervescence, the continuation of the sell-off in the pair appears more than justified.” “Despite the prevailing offered bias and the likelihood of extra pullbacks, USD/JPY is unlikely to recede to the area of 2020 lows around 101.20, at least in the short-term horizon. For this scenario to materialize it would be needed a sharp worsening of macro conditions, which looks improbable at the moment.” “Further out, the current oversold condition of the USD/JPY pair calls for the continuation of the technical rebound to, initially, the lower bound of the May-July range in the 106.00 neighbourhood.” 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 USD/CAD struggles to find directiom amid USD and oil weakness, trades above 1.3400 FX Street 3 years The bearish perspective around USD/JPY remains unaltered for now despite the ongoing bounce from recent 4-month lows at 104.20. Nonetheless, a move to 2020 lows around 101.20 looks unlikely for the time being as oversold conditions support the technical rebound, FXStreet's Pablo Piovano reports. Key quotes “Dollar weakness and lower US yields followed the historic slump in the US economic activity in the second quarter along with the protracted deterioration in the US labour market and the unabated advance of the pandemic. If we add political jitters plus the omnipresent US-China effervescence, the continuation of the sell-off in the pair… 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.
