Despite healthy risk appetite, the USD/JPY is still facing downward pressure, retreating during yesterday's session to the 104.92 support level before settling around 105.52 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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Ahead of testimony by Federal Reserve Governor Jerome Powell later today, the USD/JPY experienced strong bearish momentum.
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At the beginning of last week's trading, the USD/JPY performed well, as it aggressively breached the 106.00 resistance level and reached the 106.22 resistance level, its highest in five months.
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The recent strength of the US dollar pushed the USD/JPY towards the 106.22 resistance level, its highest in five months, before settling around 105.85 as of this writing.
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The USD/JPY has touched important resistance levels in early trading today and has seen additional bullish impetus.
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After a long wait, the USD/JPY jumped to the 106.07 resistance level amid an upward correction path after a clear abandonment of the yen as a safe haven.
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The USD/JPY experienced some profit-taking at the beginning of last week's trading that pushed it towards the support level of 104.40 before recovering and reaching 105.18, closing trading around 104.90.
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The turmoil regarding US economic stimulus plans continues to weaken risk sentiment towards the dollar.
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For the third day in a row, the USD/JPY is moving lower due to profit-taking.
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For two weeks in a row, the USD/JPY has tried to correct the upside.
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The improvement in US job numbers was better than expected, contributing to further gains for the USD/JPY pair, which settled around the 105.20 resistance level as of this writing, its highest in nearly three months.
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The USD/JPY has found itself engaged within a developing bullish movement which needs attention by speculators if they have not been looking at the Forex pair.
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The USD/JPY is moving in an upward correction path this week that has tested the 105.17 resistance level, its highest in over two months, before stabilizing around 105.95.
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The USD/JPY has been moving within a bullish channel, stabilizing around the 105.00 resistance level at the beginning of Tuesday's trading and waiting for more momentum.
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Prior to the closing of last week’s trading, the Japanese yen fell against the rest of the other major currencies.
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