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July, 13 - The upbeat mood extended some support to USD/JPY

The USD/JPY pair traded with a mild positive bias during the early European session

usdjpy1307with bulls now looking to reclaim and extend the momentum beyond the 107.00 mark. Following an early dip to the 106.80 region, the pair managed to attract some buying and moved further away from over two-week lows set on Friday. The modest uptick of around 15-20 pips was exclusively led by the prevalent risk-on environment, which tends to undermine the safe-haven Japanese yen.

Despite worries about the ever-increasing COVID-19 cases across the world, investors seem convinced that the worst of the pandemic was probably over. This comes amid the incoming positive data, which raised hopes of a swift economic recovery and remained supportive of the upbeat market mood.

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