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 has pulled back ever so slightly during the trading session on Thursday, which of course was Thanksgiving in the United States.
Undoubtedly, expectations of raising US interest rates helped US dollar pairs achieve strong and sharp gains.
The USD/JPY touched long-term highs in early trading today near the 115.150 ratio, essentially testing levels not seen since March 2017.
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The USD/JPY continued its upward momentum to the 115.14 resistance level, its highest in five years, where it settled as of this writing.
Since last week, there have been sell-offs in the USD/JPY amid the return of an appetite for safe havens, including the Japanese yen.
The S&P 500 went back and forth on Friday, essentially going nowhere.
The US Dollar Index retreated from its highest level in 16 months after hitting a major technical resistance level on the charts.
The catalysts for the USD's gains have been increasing, and they all come down to one thing: the approaching date of raising US interest rates.
The gains of the USD/JPY reached the resistance level of 114.31 before settling around 114.15 as of this writing, awaiting the announcement of US retail sales figures, which directly affect investor sentiment.
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The recent record US inflation numbers have increased market expectations that the US Federal Reserve may surprise everyone by announcing an increase in US interest rates at any time, especially since it has already reduced its purchases of bonds.
For the second day in a row, the USD/JPY is trying to compensate for its recent sharp losses, which pushed it towards the 112.72 support level, its lowest in a month.
The Japanese yen is stable against many major currencies, including the US dollar and the euro.
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Sign up to get the latest market updates and free signals directly to your inbox.As I predicted, the USD/JPY is ripe for profit-taking, which is what happened over the last three trading sessions and is settling around 112.72 as of this writing.
The US dollar declined at the end of last week's trading as confidence in the financial markets affected the international reserve currency.
Despite the announcement from the US Federal Reserve about its decision to reduce bond purchases, the USD/JPY remained stable around the 114.00 resistance.