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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During Wednesday's trading session, the US dollar experienced a slight decline, largely due to market anticipation of the Federal Reserve's upcoming interest rate decision.
For three trading sessions in a row, the price of the USD/JPY currency pair is exposed to profit-taking sales that pushed it towards the support level of 140.60 during today’s session, Wednesday, and its recent gains extended to the resistance level at 141.95.
During Tuesday's trading session, the US dollar experienced a slight pullback, demonstrating signs of turbulent market behavior.
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As I mentioned before, the clear discrepancy between the US Federal Reserve's aggressive stance and the Japanese central bank.
During Monday's trading session, the US dollar experienced a slight pullback, showing signs of noisy behavior.
Last week's trading was generally bullish for the performance of the USD/JPY currency pair, with bullish retracement gains that reached the 141.95 resistance level, and Friday's trading session was the most prominent in the upward retracement path.
During Friday's trading session, the US dollar displayed a significant rally, while the Japanese yen experienced ongoing weakness.
During Thursday's trading session, the US dollar initially retreated but eventually demonstrated strength against the Japanese yen.
Since the start of trading this week, the price of the USD/JPY currency pair has been trying to compensate for losses due to the weakness of the expectations of the US interest rate hike.
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The US dollar showcased its strength in the trading session on Wednesday, rallying significantly and reaching the crucial 50-Day EMA level.
For four consecutive trading sessions, the price of the USD/JPY currency pair has been moving in an upward retracement path, with gains that reached the 139.67 resistance level, which is stable around it at the time of writing the analysis.
During Tuesday's trading session, the US dollar experienced consolidation and back-and-forth movement against the Japanese yen
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For three consecutive trading sessions, the USD/JPY currency pair is trying to compensate for some of its recent sharp losses, which affected the 137.23 support level.
The USD/JPY experienced a slight retreat during Monday's trading session, as it tested the ¥138 level.
The US dollar experienced initial weakness during Friday's trading session, briefly breaking down before displaying signs of recovery around the critical ¥138.