The most active trading sessions for the USD/JPY take place in Tokyo, London and New York. Day traders look mostly to the London and New York sessions but those trading wishing to trade on the Asian markets can do so between 2400 GMT - 0900 GMT.
USD/JPY has traditionally been the most politically sensitive currency pair, with successive U.S. governments using the exchange rate as a lever in trade negotiations with Japan. For day-to-day trading, the most significant feature of USD/JPY is the heavy influence exerted by Japanese institutional investors and asset managers.
The USD/JPY has recently dipped below 101.00. Read the Daily Forex USD to Japanese Yen forecast and get access to the most up-to-date statistics, analyses and economic events regarding the USD/JPY.
The USD/JPY pair regained its bearish momentum at the beginning of Thursday's trading, falling from the 104.40 resistance level to stabilize around the 103.60 support level.
Continuing its bearish outlook, the USD/JPY pair moved down to the 103.72 support level, after attempts to correct upwards to the 104.40 resistance level.
For five trading sessions in a row, the USD/JPY pair is in an upward correction range that moved towards the 104.40 resistance level before settling around 104.10.
The USD/JPY pair tried to rebound upward during the last trading session, but the bounce's gains did not exceed the 104.10 resistance level, and the pair stabilized near it.
The USD/JPY tried to correct to the upside for the second day in a row, but the bounce gains did not exceed the level of 103.44 and it stabilized around the level of 103.18 as of this writing.
The US dollar is still suffering from low risk appetite, as investors await the release of US unemployment numbers and the minutes from the recent meeting of the Federal Reserve.
After five trading sessions in a row, during which the USD/JPY tried to bounce back up, the pair resumed its downward movement and stabilized around the 103.33 support.
Amid expectations of low volume and short-term fluctuation, the USD/JPY continued in limited ranges and the pair stabilized around the 103.65 level as of this writing.
