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.
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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By the end of last week's trading, the Japanese yen returned to achieve strong gains against the rest of the other major currencies.
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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.
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A continuous bullish path for the USD/JPY pair awaits more momentum to test stronger highs.
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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.
Technical Analysis
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The recent gains of the USD/JPY pushed the pair to a 9-month high of 109.24, but profit-taking sent the pair down to the 108.33 support level, where it has settled as of this writing.
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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.
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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.
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In its best week since November 2020, the USD/JPY moved towards the 108.65 resistance level before closing last week’s trading around 108.37, and close to testing the psychological resistance of 110.00.
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The USD/JPY is continuing its upward rebound since crossing the barrier of the 106.00 resistance level seven months ago, settling around the 107.10 level as of this writing.
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The USD/JPY is still moving in an upward channel, having broken through the 106.00 resistance level to reach the 106.96 resistance level before settling around 106.65 as of this writing.
Technical Analysis
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The USD/JPY pair has been moving in an upward correction range, ultimately testing the 106.89 resistance, its highest in six months, before stabilizing around 106.76 as of this writing.
Technical Analysis
The USD/JPY corrected to the upside last week with gains reaching the 106.70 resistance level before settling around 106.53 at the beginning of trading on Monday.
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Risk appetite in global markets has weakened the Japanese yen as a safe haven currency.
Technical Analysis