• USD/JPY continues losing ground for the third straight day and drops to a fresh multi-week low.
• A combination of factors strengthens the safe-haven JPY and exerts heavy pressure on the major.
• A strong pickup in the USD demand lends some support and helps limit losses, for the time being.
• The technical setup favours bearish traders and supports prospects for a further depreciating move.

The USD/JPY pair remains under heavy selling pressure for the third successive day and touches its lowest level since February 03, around the 129.65 region on Friday. Spot prices, however, trim a part of the intraday losses and trade just above the 130.00 psychological mark during the early North American session, still down nearly 0.50% for the day.

The Japanese Yen (JPY) draws support from data showing that an important gauge of Japan’s consumer prices rose at its fastest pace since 1982 in February. Apart from this, a fresh wave of the global risk-aversion trade, amid lingering concerns about a full-blown banking crisis and looming recession risks, provides an additional boost to the safe-haven JPY and drags the USD/JPY pair lower.