Stay 
Trading Conditions
Products
Tools
The Japanese yen is gaining strong positive momentum in response to hawkish statements from Bank of Japan board member Hajime Takata. Additionally, an overall weaker tone in the stock markets provides an additional boost to the yen as a safe-haven currency. Along with the moderate weakness of the U.S. dollar, this leads to a decline in the USD/JPY pair to a weekly low.
Nevertheless, crucial inflation data in the United States will impact future decisions of the Federal Reserve, which, in turn, will contribute to the rise of the U.S. dollar and give a new directional impetus to the USD/JPY pair.
From a technical standpoint, a drop below the psychological level of 150.00 likely has set the stage for further depreciation. Subsequent sales below this region will confirm a negative bias and drag the USD/JPY pair towards intermediate support at 149.200 on the way to the round figure of 149.00. A convincing breakthrough below the latter may shift the short-term bias in favor of bears, paving the way for a significant decline.
On the other hand, the area around 150.90 continues to act as immediate strong resistance. Above this level, the USD/JPY pair will accelerate its positive movement towards the barrier of 151.45. Beyond that, the momentum can push spot prices to the level of 152.00, or the multi-year high set in October 2022 and retested in November 2023.
The table below shows the percentage change of the Japanese yen against major currencies as of today.
The Japanese yen was the weakest against the Australian dollar.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.
