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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Since the beginning of this week's trading, the USD/JPY bullish rebound attempts have been weak.
Clearly, the USD/JPY performance is determined to end the 2020 trading year on a bearish note.
Today and tomorrow are the most important days of this week for the remainder of 2020 trading, with the anticipation of the release of economic data.
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A new, more contagious strain of the coronavirus and new restrictions on global economic activities ahead of the holiday season led to new investor flight from risk and the beginning of new gains for safe havens.
The US dollar initially tried to rally against the Japanese yen, but pulled back to give up about half of the gains.
The USD collapse continued amid the weak performance of the US economy, the stumbling of stimulus negotiations and the wave of risk appetite that dominates global financial markets with the beginning of COVID-19 vaccinations.
The USD/JPY is stabilizing under downward pressures that pushed the pair towards the 103.68 support at the time of this writing.
The US dollar initially tried to rally during the trading session on Wednesday, but then fell hard as we try to crash through the support level that has been so important for the last several weeks.
Despite official US approval for distribution of the Pfizer vaccine, the USD/JPY continued its downward path at the beginning of this week's trading.
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The US dollar initially fell a bit during the trading session on Monday to break down significantly through the ¥104 level, which is an area that has been massive support extending down to the ¥103.70 level.
For several trading sessions in a row, and in a process that extended for more than a month, the USD/JPY price has been moving under downward pressure.
The US dollar fell a bit during the trading session on Friday to break down below the ¥104 level, but we have recovered that level yet again.
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For three trading sessions in a row, the USD/JPY currency pair has been trying to correct upwards.
The US dollar continues to do very little against the Japanese yen, although the session on Wednesday was slightly positive.