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8 Oct 2020

USD/JPY consolidates in a range, around 106.00 mark

  • USD/JPY was seen consolidating its recent strong gains to over three-week tops.
  • The risk-on mood undermined the safe-haven JPY and helped limit the downside.
  • A softer tone surrounding the USD kept a lid on any strong gains for the major.

The USD/JPY pair was seen oscillating in a range, around the 106.00 mark through the Asian session and consolidated the recent gains to over three-week tops.

A combination of diverging forces failed to provide any meaningful impetus to the major and led to a subdued price move during the first half of the trading action on Thursday. The downside remains cushioned amid the prevalent upbeat market mood, which tends to undermine the safe-haven Japanese yen.

The global risk sentiment remained well supported by fresh optimism over more US fiscal stimulus measures. Hopes for stimulus were restored after the US President Donald Trump said that he was ready for gradual spending measures, including support for individuals, small businesses and airlines.

On the other hand, the US dollar remained on the defensive on the back of Wednesday's FOMC meeting minutes. The document revealed that policymakers remain worried that the lack of fiscal measures by the government would jeopardize the economic recovery that was moving faster than expected.

A mildly softer tone surrounding the greenback held bulls from placing aggressive bullish bets, which, in turn, kept a lid on any further gains for the USD/JPY pair, at least for the time being. Market participants now look forward to the release of the US Initial Jobless Claims for a fresh impetus.

Looking at the technical picture, acceptance above the 105.70-75 supply zone favours bullish traders and supports prospects for additional gains. Hence, some follow-through strength towards testing 100-day SMA, around the 106.35 region, now looks a distinct possibility.

Technical levels to watch

 

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