Topic: Usd/jpy

USD/JPY extends intraday rejection slide from 110.00 handles, falls to the fresh session low

A global risk-aversion trade underpins JPY and prompts fresh selling.
A modest USD retracement from 2-week tops adds to the intraday fall.
Speeches by FOMC members will now be looked upon for some impetus.

The USD/JPY pair faded an early European session spike to levels just above the 110.00 handle and dropped to a fresh session low, around the 109.60 regions in the last hour.

The pair continued with its struggle to make it through the key psychological mark, with a fresh wave of global risk-aversion trade underpinning the Japanese Yen's safe-haven demand and creating bearish pressure on the major.

The risk-off mood, as depicted by a sea of red across equity markets, was further reinforced by sliding US Treasury bond yields, which prompted some US Dollar profit-taking near two-week tops and further collaborated to the pair's intraday slide.

Despite the pull-back, the pair remains well within a narrow trading range held since the beginning of this week and hence, it would be prudent to wait for a convincing breakthrough in either direction before positioning for the near-term trajectory.

Moving ahead, today's scheduled speech by influential FOMC members - Fed Governor Richard Clarida and Dallas Fed President Robert Kaplan will now be looked upon for some fresh impetus during the early North-American session.

Re: Usd/jpy

USD/JPY stays flat stuffy 109.80, US stocks submission the hours of the day in the red

Trade fears drag stocks belittle around Friday.
10-year T-bargain submits falls for the fourth straight day.
US Dollar Index stays in daily range oppressive mid-96s.

The USD/JPY pair is fluctuating in a totally narrow range for the fourth straight hours of day roughly the subject of Friday and struggles to create a decisive change in either running. As of writing, the pair was nearly unchanged upon the day at 109.80.

Since the begin of the week, the JPY has been finding demand and staying resilient hostile to the dollar, which was clever to count together gains beside re all of its major rivals this week. With the major equity indexes in the U.S. sliding in the antique trade together amid fears of the U.S. - China trade battle lasting more than the March 1 deadline, the JPY kept its composure and didn't let the pair to profit traction. Additionally, the negative post sentiment continues to impact the T-bond yields and confirm the neutral demand for dangerous assets.

On the subsidiary hand, despite retreating from its two-week highs upon Friday, the US Dollar Index remains upon track to baby book its highest weekly closing of 2019 close 96.50. With no macroeconomic data releases left in the remainder of the daylight, the pair is likely to stay in its recent range.