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  • The current price of USD/JPY is 109.65.
  • USD/JPY managed to correct extreme overselling, but still risks falling.
The USDJPY daily analysis for August 18, 2021 today discussed the bullish USD buying action during the early North American session and pushed the pair to the level of 109.55 in the last hour. The pair has attracted some buying action around 109.55 in the last hour. This rally was exclusively sponsored by the rise in US dollar demand which helped the USDJPY pair to halt the recent sharp pullback from a peak of more than a month. At the time of today's USDJPY analysis on August 18, 2021 written by the GIC team, USDJPY was at the level of 109.65. Investors remain worried about the spread of Covid-19 cases that have caused a slowdown in the global economy. Market concerns were further boosted by disappointing monthly US Retail Sales figures. However, it can in turn be seen as a major factor in favor of the greenback's status as a global reserve currency. On the other hand, the Japanese Yen was pressured by the extension of the emergency in Tokyo, buyers largely ignored the risk-off push in the market which tends to push the flow towards the safe-haven JPY, and seems unaffected by the continued decline in US Government bond yields. The incoming US economic data indicates that US consumers are increasingly cautious in responding to the latest surge in Covid-19 cases. This "forced" investors to further reduce their expectations for early policy tightening by the Fed. So it is not surprising that the focus will remain on the speech of Fed Chairman Jerome Powell. His statement will be scrutinized closely for new clues about the outlook for the US central bank's short-term monetary policy. The clues will play an important role in influencing the USD price dynamics and provide some meaningful boost for the USDJPY pair. So it is wise to wait for some follow-up buying action before placing a new bullish bet. Thus the daily analysis of USDJPY August 18, 2021, you can read articles and other analyses in the GIC Journal such as explanations of fraudulent forex brokers. Don't miss out on GIC events such as NFP Live Trading and also follow the latest information about GIC at GIC Press Release.