Confirming you are not from the U.S. or the Philippines

By giving this statement, I explicitly declare and confirm that:
  • I am not a U.S. citizen or resident
  • I am not a resident of the Philippines
  • I do not directly or indirectly own more than 10% of shares/voting rights/interest of the U.S. residents and/or do not control U.S. citizens or residents by other means
  • I am not under the direct or indirect ownership of more than 10% of shares/voting rights/interest and/or under the control of U.S. citizen or resident exercised by other means
  • I am not affiliated with U.S. citizens or residents in terms of Section 1504(a) of FATCA
  • I am aware of my liability for making a false declaration.
For the purposes of this statement, all U.S. dependent countries and territories are equalled to the main territory of the USA. I accept full responsibility for the accuracy of this declaration and commit to personally address and resolve any claims or issues that may arise from a breach of this statement.
Cancel Confirm
We are dedicated to your privacy and the security of your personal information. We only collect emails to provide special offers and important information about our products and services. By submitting your email address, you agree to receive such letters from us. If you want to unsubscribe or have any questions or concerns, write to our Customer Support.
Confirm
Octa trading broker Sign up Log in
Octa trading broker
Open trading account
Trading news
Back
6 Mar 2020

USD/JPY nosedives to fresh six-month lows, risks breaking below 105.00 mark

  • USD/JPY remains under some intense selling pressure amid intensifying safe-haven demand.
  • Collapsing US bond yields, Fed rate cut speculations continued weighing heavily on the USD.
  • Bears seemed rather unaffected by extremely oversold conditions ahead of the US jobs data.

The USD/JPY pair tumbled to fresh six-month lows in the last hour, with bears now eyeing a sustained break below the key 105.00 psychological mark.

The coronavirus outbreak continued stoking fears of a prolonged global economic slowdown, which provided a strong boost to the Japanese yen's perceived safe-haven status and forced the pair to extend its relentless fall on the last trading day of the week.

The bearish pressure remains unabated

As the risk aversion intensified, the US Treasury bond yields witnessed an epic meltdown and were further pressurized by speculations of another 50bps Fed rate cut on March 18. This exerted some heavy pressure on the US dollar and collaborated to the pair's ongoing fall to the lowest level since late-August.

Friday's downfall could further be attributed to some follow-through technical selling following the previous day's sustained break below the 106.60 strong horizontal support. Meanwhile, bearish traders seemed rather unaffected by extremely oversold conditions on short/medium-term charts.

Hence, some follow-through weakness, towards testing 2019 swing lows support near the 104.45 region, now looks a distinct possibility. Friday's important release of the US monthly jobs report will now be looked upon for some immediate respite to the USD bulls and some short-term trading opportunities.

Technical levels to watch

 

Mar 6, 2020

GBP/USD expected to test 1.3020 – UOB

Cable keeps recovering ground lost and is now targeting the 1.3020 region, suggested FX Strategists at UOB Group. Key Quotes 24-hour view: “While we e
Read more Previous
Mar 6, 2020

EUR/USD: Momentum remains positive

EUR/USD has completed a 500-pip rally from the lows amid coronavirus fears. Friday's four-hour chart is pointing to overbought conditions. Yohay Elam,
Read more Next