03.12 - Sustained USD selling bias failed to assist USD/JPY to capitalize
- by George Solotarov
The USD/JPY pair witnessed some selling in the last hour and refreshed daily lows, around the 104.35 region amid a broad-based US dollar weakness. The pair failed to capitalize on its early uptick to the 104.55 region, instead met with some fresh supply and extended the previous day's retracement slide from one-week tops. The bearish pressure surrounding the USD remained unabated through the first half of the trading action on Thursday, which, in turn, was seen as a key factor exerting some pressure on the USD/JPY pair.
This makes it prudent to wait for some strong follow-through selling before confirming that this week's bounce from the 103.80 region has already run out of steam and positioning for any further depreciating move.