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20 Jul 2020

USD/JPY clings to modest daily gains around 107.30 despite broad USD weakness

  • USD/JPY pair gained traction after testing 107.00 during American session.
  • US Dollar Index looks to end the day below 96.00.
  • Wall Street's main indexes push higher following a weak start.

The USD/JPY pair dropped toward 107.00 during the American session but reversed its direction as the improving market sentiment weighed on the safe-haven JPY. As of writing, the USD/JPY pair was up 0.3% on a daily basis at 107.31.

Wall Street edges higher on Monday

In the absence of significant macroeconomic data releases and fundamental drivers, investors continue to react to changes in risk sentiment on Monday. Although Wall Street's main indexes opened the day modestly lower, heightened hopes for an effective coronavirus treatment allowed risk-on flows to dominate the markets.

Pfizer-BioNTech and Oxford-AstraZeneca both announced on Monday that they have been producing positive results in the early trials of their coronavirus vaccines.

At the moment, the S&P 500 and the Dow Jones Industrial Average are up 0.6% and 0.15% on a daily basis. 

On the other hand, the greenback is also struggling to find demand against its riskier counterparts, keeping the pair's upside limited for the time being. As of writing, the US Dollar Index was down 0.16% on the day at 95.85 and was looking to register its lowest daily close since February.

In the early Asian session on Tuesday, National Consumer Price Index data from Japan will be looked upon for fresh impetus.

Technical levels to watch for

 

Jul 20, 2020

EUR/JPY bulls on firm ground leaning on market's positive risk profile

EUR/JPY has reached a 78.6% Fibonacci retracement of today's bearish impulse as the yen weakens off. At the time of writing, the cross is trading at 1
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Jul 20, 2020

The S&P 500 breaks a key technical level as the uptrend continues on vaccine hopes

The news that the AstraZeneca and Oxford university vaccine trial has produced some promising results sent the major bourses higher on Monday. In the
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