USD/JPY: retesting multi-year lows below 104 handle - FXStreet

Valeria Bednarik, chief analyst at FXStreet explained that the USD/JPY pair resumed its decline late in the US afternoon, after failing to overcome the 105.00 level earlier in the day.

Key Quotes:

"As the week kicked in with risk aversion easing, the Japanese yen saw a moderate slide against most of its major rivals, but broad dollar's weakness prevented the pair from rallying.

There were no macroeconomic releases in the US to motivate investors, neither news to trigger this current decline in the pair, which clearly indicates the strength of the dominant bearish trend. Now extending its decline below the 104.00 level, the pair is poised to retest the multi-year low set last week at 103.54, and even break lower, should the positive sentiment begins to fade."