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 US dollar initially broke down during the trading session on Thursday but found enough support just below the ¥180 level to turn things around and form a massive hammer.
Strong signs from the US central bank of a near US interest rate cut contributed to stronger losses for the US dollar against other major currencies.
The US dollar fell rather hard against the Japanese yen during the trading session on Wednesday after the Federal Reserve Chairman Jerome Powell released his opening remarks for the Humphrey Hawkins congressional testimony.
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For the fourth day in a row, the USD / JPY pair moved up towards the 108.98 resistance level the time of writing, the highest level in one month.
Looking at the US dollar, you can see that we were rather bullish to kick off the trading session on Tuesday but haven’t ran into a significant amount of resistance above the ¥108 level.
The US dollar initially dropped a bit during the beginning of the week, showing signs of weakness.
The Japanese yen is still stronger and the USD bullish correction attempts didn’t pass the 108.63 resistance, and the USD/JPY settled again around 108.30 at the time of writing.
The US dollar rallied significantly during the trading session on Friday after the jobs number came out much stronger than anticipated.
The US dollar has gone back and forth during the trading session on Thursday in a very tight range, but that shouldn’t be much of a surprise as it has been Independence Day in the United States.
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The JPY is still the main beneficiary of continued global trade and political tensions as one of the most important safe haven to hedge investors from the consequences of these tensions.
The US dollar initially pulled back a bit against the Japanese yen during the day on Wednesday but then turned around to show signs of life at the ¥107.50 level later in the day.
Investors returned to buying safe havens again amid renewed fears that Trump would eventually impose stronger tariffs on China even after a truce was announced at the end of last week.
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The US dollar gapped higher against the Japanese yen to kick off the trading session on Monday, perhaps in reaction to the bullish attitude after the United States and China agreed to at least continue to talk during their meeting in Osaka.
For the second day in a row, the USD/JPY is attempting to have an upward correction with gains reaching 108.12 at the time of writing