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Title: USD/JPY trades with modest losses around 110.00 mark

Jun 18, 2021 6:49:03 AM GMT

By: AnalysisWatch

The USD/JPY pair refreshed every day lows heading into the European consultation, with bears now trying to enlarge the corrective pullback similarly under the important thing 110.00 mental marks.

The pair struggled to capitalize on its modest intraday uptick, as a substitute met with a few clean deliver close to the 110.30-35 area and grew to become decrease for the second one consecutive consultation on Friday. The downtick dragged the USD/JPY pair similarly far from the best degree in view that early April, across the 110.eighty areas touched the aftermath of the Fed's unexpected hawkish shift.

Traders regarded as a substitute unaffected through the modern day financial coverage replace through the Bank of Japan (BoJ). As changed into broadly anticipated, the BoJ stored its benchmark coverage fee on keep at -0.10% and maintained its pledged to shop for J-REITS at an annual tempo of up to ¥a hundred and eighty billion. The best factor of hobby changed into an extension of the pandemic-alleviation application through six months to March 2022.

Even from a technical perspective, the post-FOMC upswing showed a close to-time period bullish breakout thru a symmetrical triangle. Hence, any next slide may nevertheless be visible as a shopping for opportunity. That said, a careful temper and softer US Treasury bond yields may keep bullish investors from putting any competitive bets across the USD/JPY pair.

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