For the second week in a row, the price of the USD/JPY currency pair stabilizes in a limited path trying to get out of the downward channel.
The USD/JPY currency pair has rallied a bit during the trading session again on Monday, as we continue to form a basing pattern.
The US dollar has been back and forth during the course of the trading session on Friday as we continue to see a lot of noise against the Japanese yen.
The USD/JPY has gone back and forth during the trading session on Thursday as we continue to hang around the ¥130 level.
Despite the weakness of the Japanese yen against the rest of the other major currencies, the pair of the US dollar against the Japanese yen USD/JPY was exposed to selling operations for two days in a row.
The USD/JPY has produced a rather wide test of its short-term range this week as speculators await important U.S GDP statistics coming later today and inflation data tomorrow.
The USD/JPY exchange rate may take signals mostly from high-level US data scheduled for release later in the week.
The USD/JPY initially tried to rally during the trading session on Tuesday but gave back rather quickly as we now have seen the 50-Day EMA break down below the 200-Day EMA.
With the start of this week's trading, the Japanese yen declined in general against the rest of the other major currencies.
The USD/JPY rallied during the trading session on Monday, as we continue to see the market showing signs of support underneath the ¥130 level.
There is no doubt that the recent surprise of the Japanese central bank by keeping its monetary policy unchanged contributed strongly to the pressure on the Japanese yen.
The USD/JPY rallied a bit during the trading session on Friday, as we have broken above the ¥130 level, but gave that up again.
The USD/JPY has fallen a bit during the trading session on Thursday as we continue to see a lot of noisy behavior between the ¥127.50 level and the ¥130 level.
Yesterday's session was characterized by the rapid and unstable performance of the US dollar currency pair against the Japanese yen USD/JPY.
The Bank of Japan has announced that it is going to continue the quantitative easing program that it’s been in for a while.