USD/JPY slides to three-day lows, bears eyeing 109.00 mark.
A mixture of things dragged USD/JPY decrease for the 0.33 consecutive consultation on Monday.
Friday’s disappointing US Retail Sales, sliding US bond yields persevered undermining the USD.
Persistent coronavirus jitters benefitted the safe-haven JPY and contributed to the promoting bias.
The USD/JPY pair edged decrease heading into the European consultation and dropped to three-day lows, across the 109.15 area the closing hour.
The pair struggled to capitalize on its modest intraday uptick, rather met with a few clean deliver close to mid-109.00s and has now drifted into the poor territory for the 0.33 instantly consultation. Fridays disappointing US Retail Sales figures reaffirmed the Feds dovish view and stored the United States greenback bulls at the defensive. This, in turn, capped the upside for the USD/JPY pair.
Bearish buyers in addition took cues from the continued decline the US Treasury bond yields, which turned into visible as some other component that acted as a headwind for the USD. On the opposite hand, issues over the non-stop surge in new coronavirus instances in Asia underpinned the safe-haven Japanese yen and in addition contributed to the USD/JPY pairs intraday decline lower back toward the 109.00 spherical figure.
There isn’t any foremost marketplace-transferring financial information due for launch from the United States on Monday. Hence, the United States bond yields will play a key function in influencing the USD fee dynamics. Apart from this, the wider marketplace danger sentiment will power call for the safe-haven JPY and permit buyers to seize a few short-time period possibilities on the primary day of a brand new buying and selling week. There isn't any major market-moving economic data due for release from the US on Monday.
Hence, the US bond yields will play a key role in influencing the USD price dynamics. Apart from this, the broader market risk sentiment will drive demand for the safe-haven JPY and allow traders to grab some short-term opportunities on the first day of a new trading week.