USDJPY Analysis
| Performance after Monday | |||||
| Period | Pct | Chg | Momentum | ||
| Monday | 0.94% | 140.2 Pips |  |
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| Week to-date | 0.93% | 139.4 Pips | |
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| October | 4.88% | 700.899 Pips |  |
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Upcoming key events (London Time)
No major events for the day.
What happened lately
In the current landscape, there are no significant economic news or major events affecting the major currencies. This leads to limited volatility and possibly a more stable trading environment for the USDJPY pair. The lack of economic indicators or reports means that traders may rely on technical analysis and global sentiment for their decisions. Without impactful news or data releases, the market participants might focus on broader themes like monetary policy expectations from the Federal Reserve or the Bank of Japan, geopolitical developments, or changes in risk appetite that could indirectly influence currency movements.
In terms of the USDJPY currency pair, the exchange rate has risen by 0.94% to 150.72. This increase could suggest a stronger outlook for the US Dollar against the Japanese Yen. The appreciation of USDJPY might be attributed to a combination of factors including differing monetary policy stances, where the Federal Reserve may be more inclined towards interest rate adjustments compared to the Bank of Japan’s traditionally dovish stance. Additionally, broader market trends or investor sentiment could be leaning in favor of the US economy which supports the Dollar’s valuation against the Yen. The lack of major economic news or events ensures that this trend remains unchanged in the short term, barring any spontaneous developments.
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What can we expect from USDJPY today?
USDJPY on Monday rose 0.94% to 150.72. Price is above 9-Day EMA while Stochastic is rising.
Updated daily direction for USDJPY looks bullish as the pair ended higher after Monday trading session.
Looking ahead for the day, immediate upside resistance level is R1 at 151.38 with break above could target R2 at 152.03. While towards the downside, we are looking at daily low of 149.09 as an important support. Break below this level could weaken the current bullish momentum. A break above 150.89 would suggest bullish bias after recent positive movement.
For the week to-date, take note that USDJPY is bullish as the pair continued to trade higher and is up by 0.93% over the past few days.
Key levels to watch out:
| R3 | 153.18 |
| R2 | 152.03 |
| R1 | 151.38 |
| Daily Pivot | 150.23 |
| S1 | 149.57 |
| S2 | 148.43 |
| S3 | 147.77 |