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.
For three consecutive trading sessions, the USD / JPY pair is close to the 108.82 resistance level waiting for stronger catalysts to support the bullish correction which will not work without moving towards the 110.00 psychological resistance level.
The Australian dollar has fallen again during the trading session on Thursday, as we continue to see a lot of volatility when it comes to the antipode currencies.
The US dollar rallied a bit during the trading session on Tuesday, breaking above the crucial ¥180 level, which I considered to be “fair value” when it comes to the recent consolidation area.
For three consecutive trading sessions, the USD / JPY pair moved in a bullish correction from its 107.21 support level, which was the lowest level in a month, reaching resistance at 108.18 at the time of writing.
The US dollar initially tried to rally during the trading session on Monday but found plenty of resistance at the ¥108 level that has turned the market around.
For the second day in a row, the USD / JPY pair is trying to recover its recent losses, which reached 107.20 support, its lowest level for almost a month, settling around 108.05 at the time of writing.
Positive US retail sales for June supported gains for the US dollar versus other major currencies, and the price of the USD/JPY pair moved towards 108.37 after testing 107.80 support at the beginning of yesterday's session
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