3/9/2021 12:15:44 PM GMT | By FXStreet Team
The USD/JPY pair peaked at 109.19 during the Asian session, now trading in the 108.70 price zone. According to FXStreet’s Chief Analyst Valeria Bednarik, the corrective decline may continue towards 107.70.
Key quotes
“Japan published the Q4 Gross Domestic Product, which resulted at 2.8%, below the expected 3%. Overall Household Spending in January contracted by 6.1%, worse than the -2.1% expected. Finally, February Machine Tool Orders were up 36.7% from 9.7% in January.”
“The USD/JPY pair has corrected extreme overbought conditions in the near-term, but its bearish potential is well-limited.”
“The slide may continue towards 107.70 on a break below the 108.40 support level.”
EUR/USD Exchange Rate Falls Further on US Economic Recovery Hopes
Since touching impressive highs at the end of February, the Euro to US Dollar (EUR/USD) exchange rate has been plummeting and shedding its ground. Investors are buying the US Dollar (USD) in a rebound rally due to hopes that the US economy will recover.
At the end of February, EUR/USD touched on a high of 1.2239, but has since plunged back down. Last week saw EUR/USD open at the level of 1.2072 and shed around a cent and a half, closing at the level of 1.1912.
EUR/USD has continued its tumble this week so far. At the time of writing, EUR/USD is trending near a low of 1.1861, the lowest level for the pair in 3 months since November 2020.
EUR/USD: Poised to extend its slump towards the 1 1840 mark forexcrunch.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from forexcrunch.com Daily Mail and Mail on Sunday newspapers.