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 abandoned the 110.00 psychological resistance despite the positive US inflation numbers, retreating to the 109.00 support level as of this writing.
At the end of last week’s trading, and amid continuous positive results of US economic data, the USD/JPY tried to correct upwards and failed to breach the psychological resistance of 110.00 again.
After gains on the cusp of the 111.00 resistance, a one-year high, profit-taking pushed the USD/JPY to the support level of 109.57 before settling around 109.75 as of this writing.
For four trading sessions in a row, the USD/JPY has been moving in a bearish correction range, which settled around the 109.58 support level as of this writing.
For two weeks in a row, the USD/JPY has been moving in a distinct upward correction range that has launched it near the 111.00 resistance level, a one-year high.
The continuous and robust economic stimulus plans by the US administration allowed the US dollar to reap more gains against the other major currencies.
The USD/JPY pair succeeded in moving towards the 110.42 resistance level, its highest in a year, before settling around the 110.30 level as of this writing.
In the last three trading sessions of last week, the USD/JPY pair moved near the 110.00 psychological resistance by testing the 109.85 resistance before closing flat around 109.66.
We have witnessed competition between safe havens to achieve the largest gains, due to risk-averse sentiment that has dominated global financial markets recently.
Amid profit-taking and new bearish pressure, the USD/JPY pair was pushed to the 108.60 support level before settling around the 108.76 level at the time of writing.
To give you the best possible experience, this site uses cookies. If you continue browsing, you accept our use of cookies. You can review our privacy policy to find out more about the cookies we use.
