25.06 - USD/JPY once again witnessed a modest intraday pullback
- by George Solotarov
The USD/JPY pair extended its steady intraday pullback from over one-week tops and dropped to fresh session lows, around the 105.30 region. The pair continued with its struggle to break through the 105.50-55 supply zone, instead witnessed some selling and for now, seems to have snapped four consecutive days of the winning streak. The downtick was exclusively sponsored by a modest US dollar pullback and seemed rather unaffected by a slight improvement in the global risk sentiment.
Renewed hopes that the US Congress could break a months-long impasse to agree on the next round of fiscal stimulus measures helped ease the market fears over the second wave of COVID-19 infections. This, in turn, prompted some USD profit-taking from two-month tops and was seen as one of the key factors exerting pressure on the USD/JPY pair.