With the beginning of this week’s trading, the American currency tried to recover some of its sharp recent losses.
A Japanese panel of economists and experts for the Cabinet Office concluded the economy failed to reach a 73-month post-war record expansion, as suggested by Prime Minister Shinzo Abe.
The US dollar rallied significantly during the trading session on Monday but continues to see selling pressure just above as the market hit a bit of a “brick wall” at the ¥106.50 level.
Last Friday's session was the best daily performance for the USD/JPY pair in months, as the pair bounced strongly from the 104.18 support, the lowest for 20 weeks, to the 106.05 resistance.
The US dollar initially pulled back and fell towards the ¥104 level during the trading session on Friday but then turned around to rally rather significantly, reaching towards the ¥106 level.
The US dollar initially tried to rally during the trading session on Thursday but gave back the gains as we continue to see a lot of trouble when it comes to the US dollar in general.
The US dollar initially tried to rally during the trading session on Tuesday but gave back the gains in order to roll over again.
Will the recent US dollar collapse affect the monetary policy decisions of the US Federal Reserve today?
The USD collapsing did not end, which surprised Forex traders, especially with the COVID-19 continuing to cause catastrophic human and economic losses
The US dollar fell significantly during the trading session on Monday to kick off the week and threatened the crucial ¥105 level.
While relations between these two superpowers are quite bleak, any increase in hostilities between them will see an increase in demand for the Japanese Yen.
The US dollar fell off of a cliff during the trading session on Friday, reaching down below the ¥106 level during the day.
The US dollar continues to trade the bottom of the range against the Japanese yen, as we have dropped towards the ¥106.75 level.
There is no escape of bears dominating the USD/JPY performance.
The US dollar has rallied significantly during the trading session on Wednesday, reaching towards the ¥107.50 level.