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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Beyond its numerical value, the significance of the ¥145 threshold reverberates with psychological weight, casting a broad influence over traders.
During last week's trading, the bulls succeeded in completing the sharp upward path of the USD/JPY currency pair.
The US dollar's recent behavior against the Japanese yen underscores the intricate dynamics at play in the currency markets.
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Thursday's trading session witnessed the USD/JPY resolute ascendancy as it surpassed the ¥142.50 level, edging towards ¥143.50 against the Japanese yen.
For four trading sessions in a row, the bulls moved the US dollar against the Japanese yen, USD/JPY, to the upside.
On the Wednesday session, the USD/JPY demonstrated its mettle by surging past the ¥142.50 benchmark, edging closer to ¥143.50.
As I mentioned before a lot, the performance of the USD/JPY currency pair will be greatly affected by the course of the policy of global central banks.
The USD/JPY exhibited a noteworthy rally during the Tuesday trading session, breaking above the crucial ¥142.50 level, and approaching the ¥143.50 level.
During Tuesday's trading session, the USD/JPY displayed some strength, rallying past the ¥142.50 level and nearing ¥143.50.
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The price of the USD/JPY currency pair returned to its broader ascending path, stable around the 143.40 resistance at the time of writing, and yesterday it tested the support at 141.51.
The US dollar continues to hold appeal for buyers, thanks to the Bank of Japan's ultra-loose monetary policy, ensuring lucrative returns.
In the last two trading sessions of last week, the price of the USD/JPY currency pair was subjected to selling operations that pushed it toward the support level at 141.55, based on the resistance level of 143.88.
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Traders should be cautious, recognizing the inherent volatility of the USD/JPY currency pair.
Throughout this week's trading, the price of the USD/JPY currency pair is in a strong upward retracement path, benefiting from the Japanese central bank maintaining its negative interest policy, while the US dollar continued to tighten the US Federal Reserve's policy.
The US dollar experienced a slight pullback during Wednesday's trading session but found support around the ¥142.50 level