The price of the USD/JPY currency pair returned to its broader ascending path, stable around the 143.40 resistance at the time of writing, and yesterday it tested the support at 141.51.
Technical Analysis
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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The US dollar continues to hold appeal for buyers, thanks to the Bank of Japan's ultra-loose monetary policy, ensuring lucrative returns.
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In the last two trading sessions of last week, the price of the USD/JPY currency pair was subjected to selling operations that pushed it toward the support level at 141.55, based on the resistance level of 143.88.
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Traders should be cautious, recognizing the inherent volatility of the USD/JPY currency pair.
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Throughout this week's trading, the price of the USD/JPY currency pair is in a strong upward retracement path, benefiting from the Japanese central bank maintaining its negative interest policy, while the US dollar continued to tighten the US Federal Reserve's policy.
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The US dollar experienced a slight pullback during Wednesday's trading session but found support around the ¥142.50 level
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As I mentioned many times before, the discrepancy between the aggressive policy of the US Central Bank and the Bank of Japan, which has negative interest rates, will remain supportive of the upward trend of the USD/JPY currency pair.
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As the market progresses, pullbacks may present buying opportunities, with the 50-Day Exponential Moving Average acting as a potential support level around ¥140.50.
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An extension of the gains of the USD/JPY at the end of last week's trading, the currency pair also moved upward at the beginning of this week's trading, with gains that reached the resistance level at 142.68, its highest in three weeks.
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On Monday, the USD/JPY continued its impressive rally that had begun on Friday.
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The US dollar has experienced considerable volatility against the Japanese yen during Friday's trading session, primarily influenced by the Bank of Japan's decision to loosen monetary control.
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The USD/JPY faced initial weakness against the Japanese yen but managed to stage a comeback during Thursday's trading, displaying signs of renewed strength.
Technical Analysis
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The value of the dollar fell through most of 2023 as low inflation allowed the Federal Reserve to ease into the rate-raising cycle, finally allowing it to keep interest rates unchanged in June.
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During Wednesday's trading session, the US dollar experienced a slight decline, largely due to market anticipation of the Federal Reserve's upcoming interest rate decision.
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For three trading sessions in a row, the price of the USD/JPY currency pair is exposed to profit-taking sales that pushed it towards the support level of 140.60 during today’s session, Wednesday, and its recent gains extended to the resistance level at 141.95.
Technical Analysis