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19 Oct 2020

USD/JPY flirts with session lows, around 105.30 region

  • The emergence of fresh selling around the USD exerted some pressure on USD/JPY.
  • The risk-on mood, surging US bond yields might help limit losses, for the time being.

The intraday USD selling bias picked up pace during the mid-European session and dragged the USD/JPY pair to daily lows, around the 105.30 region in the last hour.

The pair failed to capitalize on its early uptick to three-day tops and witnessed a modest pullback from mid-105.00s amid the emergence of some fresh selling around the US dollar. Expectations of a COVID-19 vaccine by the end of this year dented the greenback's status as the global reserve currency, which, in turn, was seen as a key factor exerting some pressure on the USD/JPY pair.

However, the downside remains cushioned amid the upbeat market mood, which tends to undermine demand for the safe-haven Japanese yen. The global risk sentiment got a strong boost on the back of reviving hopes for additional US fiscal stimulus measures. The risk-on flow was evident from a strong rally in the US Treasury bond yields, which might help limit deeper losses for the USD/JPY pair. 

Nevertheless, the pair has now drifted into the negative territory for the second straight session and remains at the mercy of the USD price dynamics/broader market risk sentiment amid absent relevant market moving economic releases from the US.

From a technical perspective, the emergence of some dip-buying on Friday favours bullish traders. However, the lack of any strong follow-through warrants some caution before positioning for any further near-term appreciating move. On the flip side, bearish traders might still wait for a sustained weakness below the key 105.00 psychological mark.

Technical levels to watch

 

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