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 recent gains of the USD/JPY pushed the pair to a 9-month high of 109.24, but profit-taking sent the pair down to the 108.33 support level, where it has settled as of this writing.
The announcement of the decline in Japanese economic growth gave the USD/JPY additional impetus to complete the correction to the upside.
The announcement of slow Japanese economic growth on Tuesday morning was an additional impetus for the USD/JPY to push to the 109.23 resistance level.
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In its best week since November 2020, the USD/JPY moved towards the 108.65 resistance level before closing last week’s trading around 108.37, and close to testing the psychological resistance of 110.00.
The USD/JPY is continuing its upward rebound since crossing the barrier of the 106.00 resistance level seven months ago, settling around the 107.10 level as of this writing.
The USD/JPY is still moving in an upward channel, having broken through the 106.00 resistance level to reach the 106.96 resistance level before settling around 106.65 as of this writing.
The USD/JPY pair has been moving in an upward correction range, ultimately testing the 106.89 resistance, its highest in six months, before stabilizing around 106.76 as of this writing.
The USD/JPY corrected to the upside last week with gains reaching the 106.70 resistance level before settling around 106.53 at the beginning of trading on Monday.
Risk appetite in global markets has weakened the Japanese yen as a safe haven currency.
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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.
Ahead of testimony by Federal Reserve Governor Jerome Powell later today, the USD/JPY experienced strong bearish momentum.
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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Sign up to get the latest market updates and free signals directly to your inbox.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.
The USD/JPY has touched important resistance levels in early trading today and has seen additional bullish impetus.
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.