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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We expected the price of the USD/JPY currency pair to move towards the 140.00 psychological resistance as soon as the bulls breached the 137.75 resistance level.
There is no doubt that the stronger US inflation figures increased the markets’ bets that the US Federal Reserve would be more aggressive in the coming months in the pace of raising US interest rates.
The US dollar rallied initially on Wednesday to make a fresh, new high.
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The US dollar has pulled back a bit against the Japanese yen during the trading session on Tuesday as we continue to see a lot of back-and-forths.
New long-term highs were made in the USD/JPY currency pair yesterday, as financial institutions absorbed another round of information from the U.S Federal Reserve.
The demand for the US dollar was strong at the beginning of this week's trading, amid a decline in global stock markets linked to renewed fears of more Chinese economic problems as a new outbreak of Covid-19 was reported in Shanghai.
The USD/JPY launched towards the resistance level 136.56, near its highest in 24 years, and settled around the level of 136.00 at the beginning of this week's trading.
Federal Reserve officials became more determined last month to keep raising US interest rates for longer to prevent rising inflation from becoming entrenched, even if it slows the US economy.
The US Federal Reserve's last meeting minutes and US job numbers announcement are the most important events for the Forex currency market in general and for the US dollar in particular this week.
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For the second day in a row, the price of the US dollar against the Japanese yen is rebounding higher, stable around the level of 135.72.
Despite three trading sessions during which the price of the USD/JPY pair was subjected to selling operations, it moved towards the 134.75 support level.
Despite the announcement of a stronger-than-expected contraction of the US economy, forex traders ignored the statement and continued to react to the collapse of the Japanese yen rate in the exchange market.
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Japanese officials’ ignoring of the continuous collapse of the Japanese yen exchange rate, along with the US Federal Reserve’s continued intention to raise US interest rates strongly during 2022,
The recent profit taking sell-offs have not taken the USD/JPY out of the general upward trend so far, as the currency pair is settling around the resistance level 135.20 at the time of writing the analysis.