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 tried to rally during the trading session on Monday but continues to see a lot of noise near the ¥105 level.
The US dollar quickly rose again against major currencies after market pricing Biden’s victory in the US elections and the announcement of the the COVID-19 vaccines successes, relieving pressure on markets and investors.
The US dollar broke down against the Japanese yen during the trading session on Friday, breaking down significantly below the ¥105 level.
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The US dollar has pulled back a bit during the trading session on Thursday, but we still are hanging just above the ¥105 level.
As expected, the USD/JPY performance is in a narrow range during the American holiday of Veteran's Day.
The US dollar initially pulled back against the Japanese yen to reach down towards the ¥105 level.
The USD/JPY had a distinguished performance at the beginning of this week.
The US dollar has fluctuated during the trading session on Tuesday as we continue to see a lot of back and forth against the Japanese yen.
I have mentioned a lot in recent USD/JPY technical analyses that moving in narrow ranges for a long time heralds a strong price explosion in one of two directions.
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The US dollar exploded to the upside during the trading session on Monday, reaching above the ¥105 level, as it was announced that Pfizer is close to releasing a coronavirus vaccine with over 90% efficacy.
Last week’s trading was bloody for the USD/JPY performance, as the pair plunged to the 103.17 support, its lowest level in eight months, before closing trading around the 103.36 level.
The US dollar rallied initially during the trading session on Friday, reaching towards the ¥103.70 level before pulling back and selling off again.
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The US dollar has been crashing against the Japanese yen for some time, albeit in a slow-motion manner.
The bears continued the stronger control over the USD/JPY performance, as markets were still facing the unknown about the winner of the US presidential elections.