2/12/2021 3:40:21 PM GMT
USD/JPY retreats below 105, finds support at 104.55, recovers.
Chairman Powell: The US labor market remains weak.
Chairman Powell: Fed has no plans for rate increases or bond program reductions.
US Treasury rates move higher after Wednesday low.
FXStreet Forecast Poll sees no immediate increase in USD/JPY.
The USD/JPY reneged on its breakout promise this week dropping below 105 on Tuesday but support at 104.55 held on Thursday. The descending channel is increasingly distant and a declining a draw with the upper border below 103. Movement in the pair is tied to improvement in the US economy and Treasury rates.
Long positions on most Asian currencies were scaled back, a Reuters poll showed, as investors contended with unexpected resilience in the U.S. dollar at the start of the year, though long-term expectations of a weaker dollar remained unchanged. Bullish bets on the South Korean won and Singapore dollar were trimmed the most and were at .
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