USD / JPY falls towards 104.00 amid the USD sell-off

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  • USD / JPY turned south after closing in positive territory on Wednesday.
  • The US Dollar Index suffers heavy losses below 91.00.
  • Eyes on US Unemployment Claims and Services PMI data

After climbing to a new weekly high of 104.76 on Wednesday, the pair USD/JPY it turned south on Thursday under pressure from persistent selling pressure surrounding the dollar. At time of writing, the pair was down 0.32% on the day at 104.06.

DXY continues to press lower after breaking below 91.00

In the absence of significant fundamental drivers, investors don’t seem to see any reason to stop selling USD on Thursday. Meanwhile, the highest hopes for a Brexit deal are helping major European currencies gain traction and give the dollar additional weight.

For now, the US dollar index, which hit its lowest level in more than two years at 90.69 earlier in the session, is down 0.45% on the day at 90.71.

Later in the day, IHS Marit and ISM will release November PMI data. Additionally, the US Department of Labor will publish its weekly report on initial jobless claims.

Meanwhile, the 10-year US Treasury yield remains flat on the day at 0.936%, without providing a directional clue for USD / JPY. Additionally, the market mood remains neutral with S&P 500 futures remaining unchanged and allowing the USD market valuation to continue to affect the pair’s movements.

Technical levels

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