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.
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It is natural that movements remain very quiet for the performance of the USD/JPY amid the holiday season, which affects liquidity and risk sentiment for investors.
The USD/JPY’s recent price action against the Japanese yen has been characterized by back-and-forth movements within a relatively subdued trading session on Tuesday.
The long-awaited shift in policy direction by the Bank of Japan (BoJ) towards tightening has helped the Japanese yen to achieve strong gains against other major currencies, especially the dollar.
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The trading session on Friday saw minimal activity for the USD/JPY, as it continued to hover around the crucial ¥142 level.
With the Christmas holidays and investor reluctance, and amid almost non-existent liquidity, the price of the USD/JPY could remain stable around the level of 142.45.
The USD/JPY experienced a significant drop during Thursday's trading session, primarily driven by the continuous decline in interest rates within the United States.
For four consecutive trading sessions, the price of the USD/JPY has been trying to rebound higher to break out of the prominent downtrend channel on the daily chart below.
The USD/JPY experienced a modest retreat during Wednesday's trading session, encountering resistance at the 200-Day Exponential Moving Average.
Yesterday, in one of the last major economic events of 2023, the Bank of Japan concluded its December 2023 monetary policy meeting and issued its latest decision on interest rates.
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On Tuesday, the USD/JPY demonstrated remarkable strength, swiftly breaching the ¥145 level.
Today, all currencies against the Japanese yen will be in a waiting mode for the Japanese Central Bank to announce an update on its monetary policy.
During Monday's trading session, the US dollar saw a modest recovery against the Japanese yen.
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The US dollar rebounded ahead of the weekend last week after one of the Federal Open Market Committee members said that his colleagues should be prepared to raise interest rates again if necessary.
The US dollar and Japanese yen have been engaged in a back-and-forth battle around the ¥142 level in recent trading sessions.
The USD/JPY had a bit of a tough time during the early hours of Thursday's trading session, slipping below the ¥142 level.