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Bears target 104 amid relentless USD selloff – USD/JPY Market Outlook – 31/07/2020

SquaredFinancial

The Dollar/Yen collapses to lowest levels since March 12 as the bears target 104 and beyond amid relentless USD selloff. Broad risk-off mood after rapid increase in the coronavirus wave 2.0 becomes the key reason backing the traders’ rush to risk-safety. Elsewhere, US policymakers are still struggling with the much-awaited fiscal aid package. Looking forward, major attention will be given to the risk factors, mainly the virus updates, US election updates, and fiscal news.

Support: 104 / 103.50
Resistance: 104.50 / 104.90

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Source: https://www.squaredfinancial.com/learn/daily-market-outlook/bears-target-104-amid-relentless-usd-selloff-usd-jpy-market-outlook-31-07-2020
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