159.702
Today
+0.17%
5 Days
+0.28%
1 Month
-1.65%
6 Months
+4.22%
Year to Date
+1.92%
1 Year
+8.59%
Opening Price
159.426Previous Closing Price
159.443The Japanese Yen (JPY) trades close to its two-week low against the US Dollar (USD) in the Asian trading session on Tuesday at around 159.50. The USD/JPY pair is under pressure even as financial markets are confident about a Bank of Japan (BoJ) interest rate hike in the September meeting.
USD/JPY sat near 159.50 through Monday inside a 75-pip range for a net gain of 10 pips, on the day the Dollar Index broke beneath its 200-day Exponential Moving Average (EMA) to its weakest level since June.
USD/JPY is close to flat on Monday, holding the mid-159.00s region after a soft Japanese growth report overnight failed to shift it in either direction. The pair has been drifting between support at 158.60 and resistance just above 159.50 for five straight days. This is a standoff, not a trend.
USD/JPY rebounds on Monday after coming under selling pressure earlier in the day, as the Japanese Yen (JPY) struggles to gain traction despite a weaker US Dollar (USD). At the time of writing, the pair trades around 159.25, recovering from an intraday low of 158.85.
BNY’s Geoff Yu highlights that weak Japanese Gross Domestic Product (GDP) data and rising JGB yields are undermining confidence in the Bank of Japan’s ability to sustain a stronger Yen.
Philip Wee of DBS Group Research notes that markets still focus on Japan’s struggle to support the Japanese Yen, while underplaying broader USD implications.
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The upside prevails as long as 159.01 is support, with 159.77 and 159.97 as targets
below 159.01, expect 158.68 and 158.49.
The upside prevails as long as 159.01 is support, with 159.77 and 159.97 as targets
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