For three trading sessions in a row, the price of the USD/JPY currency pair is recovering, but the rebound attempts stop at the 115.75 resistance level.
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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Despite the importance of announcing the results of US economic data today, the markets are reacting strongly to the developments in Europe.
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The US dollar initially tried to rally on Wednesday but gave back a little bit of the gains to hang about the ¥115 level.
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The price of the USD/JPY currency pair is still subjected to selling operations that pushed it recently towards the 114.49 support level, before settling around the 115.20 level, after announcing the rise in US consumer confidence.
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In the same course as last week, the price of the USD/JPY currency pair moved downwards, with losses to the 114.50 support level in the morning trading today, before settling around the 114.75 level at the time of writing the analysis.
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Amid increasing appetite for safe havens, as well as the temporary abandonment of the US dollar, and the recent FOMC minutes, the USD/JPY was sold off.
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Despite the strong signals from the Federal Reserve about the future of raising US interest rates this year, the USD/JPY currency pair is subjected to selling operations that pushed it towards the level of 115.11.
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All US dollar pairs will carefully monitor the reaction of markets and investors to what will be contained in the minutes of the last meeting of the US Federal Reserve.
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Investors are back in strong demand for safe havens, amid increasing global geopolitical tensions, led by expectations of a Russian-European war.
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The USD/JPY bulls gained more momentum, especially after the announcement of stronger numbers than all expectations for US inflation.
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The bulls of the USD/JPY currency pair are still maintaining their gains, reaching the resistance level of 115.67.
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For four trading sessions in a row, the price of the USD/JPY currency pair is moving amid bullish momentum.
Technical Analysis
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The price of the USD/JPY currency pair moved at the beginning of the new week's trading with upward gains to the resistance area 115.43 and settled around the 115.06 level at the time of writing the analysis.
Technical Analysis
In the last two trading sessions of last week, the price of the USD/JPY currency pair moved higher with gains to the level of 115.43 before closing trading stable around the level of 115.18.
Technical Analysis
For four consecutive trading sessions, profit-taking continues for the USD/JPY currency pair, which is possible until the US job numbers are announced at the end of the week.
Technical Analysis