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.
Cancel Confirm
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.
Confirm
Octa trading broker Sign up Log in
Octa trading broker
Open trading account
Trading news
Back
4 Aug 2021

USD/JPY clings to modest gains above 109.00 mark, upside seems limited

  • USD/JPY gained some positive traction on Wednesday and recovered a part of the overnight losses.
  • Dovish Fed expectations kept the USD bulls on the defensive and might cap any meaningful upside.
  • COVID-19 woes might continue to benefit the safe-haven JPY, warranting caution for bullish traders.

The USD/JPY pair held on to its modest intraday gains through the early European session and was last seen trading near daily tops, around the 109.10-15 region.

Having shown some resilience below the 109.00 mark, the USD/JPY pair gained some positive traction on Wednesday and recovered a part of the overnight losses to the lowest level since May 26. The USD/JPY pair, for now, seems to have snapped two consecutive days of the losing streak, though any meaningful recovery remains elusive.

The US dollar remained on the defensive amid firming market expectations that the Fed will wait for a longer period before slowing its massive monetary support. Apart from this, concerns about the fast-spreading Delta variant of the coronavirus might continue to underpin the safe-haven Japanese yen and further cap gains for the USD/JPY pair.

Hence, it will be prudent to wait for some strong follow-through buying before confirming that the USD/JPY pair has bottomed out and positioning for any further appreciating move. Market participants now look forward to the US economic docket, featuring the releases of the ADP report and ISM Services PMI for some short-term trading impetus.

The key focus, however, will remain on the closely-watched US monthly jobs data. The popularly known NFP report is scheduled for release on Friday and will play a key role in influencing the near-term USD price dynamics. In the meantime, the broader market risk sentiment might produce some trading opportunities around the USD/JPY pair.

Technical levels to watch

 

Aug 4, 2021

NZD/USD outperforms as NZ labour market bounces back strongly, shrugging off growth concerns – MUFG

The New Zealand dollar has continued to outperform following the release of the latest employment report from New Zealand. The report has helped lift
Read more Previous
Aug 4, 2021

United Kingdom Markit Services PMI came in at 59.6, above forecasts (57.8) in July

United Kingdom Markit Services PMI came in at 59.6, above forecasts (57.8) in July
Read more Next