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 continuous and robust economic stimulus plans by the US administration allowed the US dollar to reap more gains against the other major currencies.
The USD/JPY pair succeeded in moving towards the 110.42 resistance level, its highest in a year, before settling around the 110.30 level as of this writing.
The price of the USD/JPY is now testing the 110.00 psychological resistance, the highest for the currency pair in a year.
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In the last three trading sessions of last week, the USD/JPY pair moved near the 110.00 psychological resistance by testing the 109.85 resistance before closing flat around 109.66.
We have witnessed competition between safe havens to achieve the largest gains, due to risk-averse sentiment that has dominated global financial markets recently.
Renewed fears and risk-averse sentiment were positive for the Japanese yen against the rest of the other major currencies.
Amid profit-taking and new bearish pressure, the USD/JPY pair was pushed to the 108.60 support level before settling around the 108.76 level at the time of writing.
By the end of last week's trading, the Japanese yen returned to achieve strong gains against the rest of the other major currencies.
The USD/JPY currency pair has given up some of its recent gains which reached the 109.36 resistance level, the pair's 9-month high.
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The bulls are still trying to maintain the recent bounce gains in the USD/JPY, which is holding around 109.20 at the time of writing.
A continuous bullish path for the USD/JPY pair awaits more momentum to test stronger highs.
Throughout last week’s trading, the USD/JPY maintained its gains near and above the 109.00 resistance, closing the week's trading steadily near it.
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The announcement of the decline in Japanese economic growth gave the USD/JPY additional impetus to complete the correction to the upside.
The announcement of slow Japanese economic growth on Tuesday morning was an additional impetus for the USD/JPY to push to the 109.23 resistance level.