The price of the USD/JPY currency pair is clinging to stability around the psychological resistance level of 110.00 with the beginning of this important week’s trading.
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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US Dollar and the Yen strength was negatively affected by raising fears of the rapid spread of the Corona Delta variable in sports delegations,
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Investors' sentiment improved slightly, which gave the USD/JPY the opportunity to correct upwards, reaching the resistance level of 110.38.
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For the second day in a row, the bulls are trying to push the price of the USD/JPY currency pair above the 110.00 psychological resistance.
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Risk aversion persists, as an increase in coronavirus infections in many countries has raised concerns about slowing global economic growth.
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The bears tried to control the performance of the USD/JPY currency pair during last week's trading, but its losses stopped at the support level of 109.71.
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At the beginning of this week’s trading, the price of the USD/JPY currency pair attempted to correct upwards.
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After the announcement of US inflation figures, the US dollar will be closely watched today due to the testimony of US Central Bank Governor Jerome Powell before the US Congress.
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The price of the USD/JPY currency pair returned to stability above the 110.00 psychological resistance in an attempt to maintain the general trend, which is still bullish
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Five trading sessions in a row was enough to push the price of the US dollar against the Japanese yen to the 109.53 support level, the lowest in a month, and closed last week's trading around the 110.25 level.
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The conflict of safe havens (the dollar vs the Japanese yen) is back. The secret is the rapid spread of the Corona virus variables, which threatens global efforts
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For the fourth day in a row, the USD/JPY currency pair is exposed to profit-taking operations, but has not yet escaped from its ascending channel.
Technical Analysis
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For three trading sessions in a row, the price of the USD/JPY currency pair is subjected to correctional selling after its strong gains recently, reaching the resistance level 111.66, its highest since March 2020.
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After consecutive bullish jumps for the USD/JPY currency pair, it pushed it towards the resistance level 111.66, its highest since March 2020.
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For the second day in a row, the price of the USD/JPY currency pair is returning to the upward correction in its last track, stable around the resistance level 111.26, the highest since March of the year 2020.
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