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.
After three consecutive trading sessions during which the USD/JPY price attempted to recover, the pace of gains stopped around the 115.05 resistance level.
For eight trading sessions in a row, the price of the US dollar against the Japanese yen (USD/JPY) currency pair moved with downward momentum in light of profit-taking operations.
The US dollar lost much of its value heading into the midweek session after hawkish comments from Federal Reserve officials (Fed) followed by a flurry of profit taking that weighed on US exchange rates ahead of the December inflation data.
The recent gains of USD/JPY that pushed it towards its highest level in five years, to reach the resistance level of 116.35, may be followed by short deals to take profits.
The attempts of the bulls to control the USD/JPY culminated in a test of the 115.00 psychological resistance level, where it has settled as of this writing.
The weakness of the Japanese yen (the traditional safe haven) allowed the USD/JPY to hold on to the gains of the recent bullish rebound to the resistance level of 114.95, the highest in a month.
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