USD/JPY flirting with daily lows, around 107.00 mark post-US weekly jobless claims

The USD/JPY pair edged lower during the early North-American session and moved to the lower end of its daily trading range post-US macro data. A combi  |  02/04/2020 13:43
  • USD/JPY lacked any firm directional bias and held near two-week lows.
  • Improving risk sentiment, a modest USD uptick extended some support.
  • The US jobless claims jumped to 6.648 million but did little to influence.

The USD/JPY pair edged lower during the early North-American session and moved to the lower end of its daily trading range post-US macro data.

A combination of diverging forces failed to provide any meaningful impetus and led to a subdued/range-bound price action through the major part of Thursday trading action.

A modest recovery in the global risk sentiment undermined the Japanese yen's perceived safe-haven demand and helped the pair to hold its neck above the 107.00 round-figure mark.

This coupled with a modest pickup in the US dollar demand extended some additional support, albeit a steep decline in the US Treasury bond yields capped any meaningful gains.

Meanwhile, the greenback lost some traction, albeit lacked any strong follow-through after the US initial weekly jobless claims surged to 6648K as against a rise to 3500K estimates.

Given that a big jump in the number of people claiming unemployment-related benefits was largely priced in amid the coronavirus crisis, the data failed to provide any meaningful impetus.

Hence, it will be prudent to wait for some strong follow-through selling, possibly a sustained weakness below the 107.00 mark, before positioning for any further depreciating move.

Technical levels to watch

 

Share

Popular News

Show More Popular News

Market Insight's Views

Market Insight analyses will provide both fundamental and technical comprehensions on FX
and other asset classes for Market Insight viewers

RISK WARNING

The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you then this should be solely at your discretion and GKFX will not be held accountable in any way.

  • ForexF
  • IndicesI
  • CommoditiesC
        Back

        Login to Market Insight Account

        Your Market Insight account gives you access to the tools that we offer our customers including our
        Technical Studies & Sentiment for your accounts.

        Forgot Password?

        Don't you have a Market Insight account? With a few easy steps you can easily register to Market Insight

        Create a Market Insight's Account

        Your Market Insight account gives you access to the tools that we offer our customers including our Technical Studies & Sentiment for your accounts.

        register_ty

        Thank you!

        Welcome to Market Insight family!

        You have succesfully completed the registration.
        We will send you an e-mail to give you some
        instructions and our Terms and Conditions!
        Our account representatives will be contacting you as
        soon as possible. If you have any further questions
        please do not hesitate to mail us via info@marketinsight.com