USD/JPY has retreated from around the 38.2% retracement of its latest daily slump and now trades below the 23.% retracement of the same slump, this last at 104.50. The pair is biased lower amid a persistent dismal mood and could break below 104.00 in the near-term, FXStret’s Chief Analyst Valeria Bednarik reports. More – USD/JPY: Yen to win the battle of the safe havens – Rabobank Key quotes “The sour sentiment fuels demand for the Japanese currency ahead of US Federal Reserve Chief Powell’s testimony before Congress. Powell is due to testify on the CARES Act before the House Financial Services Committee, although the document has already been released. According to it, the economy is showing a ‘marked improvement,’ but the future is highly uncertain and depends on controlling the coronavirus pandemic. It also shows that Powell will refer to the need for more help from Congress.” “The USD/JPY pair is biased lower according to the 4-hour chart, as it’s now developing below a firmly bearish 20 SMA. The larger moving averages also head lower although far above the shorter one, while technical indicators maintain their bearish slopes within negative levels.” “The 104.00 level is the immediate support, with a steeper decline expected on a break below it.” 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 Reserve Bank of New Zealand Preview: Six major banks expectations FX Street 2 years USD/JPY has retreated from around the 38.2% retracement of its latest daily slump and now trades below the 23.% retracement of the same slump, this last at 104.50. The pair is biased lower amid a persistent dismal mood and could break below 104.00 in the near-term, FXStret’s Chief Analyst Valeria Bednarik reports. More – USD/JPY: Yen to win the battle of the safe havens – Rabobank Key quotes “The sour sentiment fuels demand for the Japanese currency ahead of US Federal Reserve Chief Powell’s testimony before Congress. Powell is due to testify on the CARES Act before the House Financial Services… 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.