Confirming you are not from the U.S. or the Philippines

By giving this statement, I explicitly declare and confirm that:
  • I am not a U.S. citizen or resident
  • I am not a resident of the Philippines
  • I do not directly or indirectly own more than 10% of shares/voting rights/interest of the U.S. residents and/or do not control U.S. citizens or residents by other means
  • I am not under the direct or indirect ownership of more than 10% of shares/voting rights/interest and/or under the control of U.S. citizen or resident exercised by other means
  • I am not affiliated with U.S. citizens or residents in terms of Section 1504(a) of FATCA
  • I am aware of my liability for making a false declaration.
For the purposes of this statement, all U.S. dependent countries and territories are equalled to the main territory of the USA. I accept full responsibility for the accuracy of this declaration and commit to personally address and resolve any claims or issues that may arise from a breach of this statement.
We are dedicated to your privacy and the security of your personal information. We only collect emails to provide special offers and important information about our products and services. By submitting your email address, you agree to receive such letters from us. If you want to unsubscribe or have any questions or concerns, write to our Customer Support.
Octa trading broker
Open trading account
Back

USD/JPY trades with modest gains above mid-109.00s, lacks follow-through

  • A combination of factors assisted USD/JPY to gain some positive traction on Friday.
  • The worsening coronavirus situation in Japan acted as a headwind for the JPY.
  • A modest USD strength provided an additional boost, though the upside seems limited.

The USD/JPY pair traded with a mild positive bias heading into the European session and was last seen hovering near daily tops, just above mid-109.00s.

The pair edged higher on the last trading day of the week and was supported by a combination of factors, stalling this week's retracement slide from levels just above mid-110.00s. The worsening COVID-19 situation in Japan undermined the Japanese yen and assisted the USD/JPY pair to gain some positive traction.

In the latest developments, Japan reported more than 9,000 daily cases yesterday. Adding to this, the government reportedly mulls a state of emergency for Osaka prefecture and extend in Tokyo to 31 August. This, along with a modest pickup in the US dollar demand, provided an additional boost to the USD/JPY pair.

As investors looked past Thursday's dismal US macro data, fresh coronavirus jitters turned out to be a key factor that benefitted the greenback's status as the global reserve currency. That said, the Fed Chair Jerome Powell's dovish remarks on Wednesday might act as a headwind and cap the upside for the USD/JPY pair.

During the post-meeting press conference, Powell emphasised that they were some ways away from substantial progress on jobs. Powell was also cautious about tapering and said that it will take a few more meetings before the Fed starts slowing its massive monetary support. This, in turn, warrants some caution for bulls.

Hence, it will be prudent to wait for some strong follow-through buying before traders start positioning for any further appreciating move. Market participants now look forward to the release of the US Core PCE Price Index, due later during the early North American session, for some short-term opportunities.

Technical levels to watch

 

French FinMin Le Maire: Economic growth in Q2 better than forecast

French Finance Minister Bruno Le Maire said that the second-quarter economic performance was 'exceptional' after the economy expanded 0.9% QoQ in Q2 v
Read more Previous

France Consumer Price Index (EU norm) (YoY) came in at 1.6%, above expectations (1.4%) in July

France Consumer Price Index (EU norm) (YoY) came in at 1.6%, above expectations (1.4%) in July
Read more Next