The recent gains of USD/JPY that pushed it towards its highest level in five years, to reach the resistance level of 116.35, may be followed by short deals to take profits.
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 Japanese yen fell against the rest of the major currencies with the continued pressure on the Japanese economy from the effects of the pandemic.
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The jump in US Treasury yields helped the US dollar make its biggest daily gain in nearly two months into the start of the new year 2022 trading.
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The US dollar retained its annual top ten major currencies during the last trading day of 2021 after a comeback.
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The attempts of the bulls to control the USD/JPY culminated in a test of the 115.00 psychological resistance level, where it has settled as of this writing.
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The weakness of the Japanese yen (the traditional safe haven) allowed the USD/JPY to hold on to the gains of the recent bullish rebound to the resistance level of 114.95, the highest in a month.
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The US dollar rallied slightly on Tuesday to reach towards the ¥115 level.
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The Japanese yen's decline continued this week, despite optimism about the world's third largest economy.
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The US dollar rallied again on Monday against the Japanese yen to go looking towards the ¥115 level.
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Like last week, the USD/JPY is stable around the 114.47 resistance level, near its highest in more than a month.
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Due to the risk appetite currently in the markets, the Japanese yen lost many of its gains against the rest of the other major currencies.
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For the second day in a row, the USD/JPY is moving with bullish momentum, reaching the resistance level of 114.20, where it has settled as of this writing.
Technical Analysis
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Since the beginning of this week, the USD/JPY has been moving in narrow ranges in the vicinity of the 113.33 level and the 113.75 level, where it has settled as of this writing.
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The US Federal Reserve’s indications about the future of tightening its policy contributed to strong gains for the dollar pairs.
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The US dollar crosses got more bullish momentum after the Federal Reserve announced that it would end its asset buying campaign in March and then start raising interest rates soon after.
Technical Analysis