157.593
Today
-0.50%
5 Days
-1.18%
1 Month
-2.74%
6 Months
+0.27%
Year to Date
+0.58%
1 Year
+6.97%
Opening Price
158.406Previous Closing Price
158.413USD/JPY falls toward 157.40 on Friday, down 0.65% on the day at the time of writing, as the US Dollar (USD) comes under heavy selling pressure following a much weaker-than-expected US employment report.
• Weak July employment data accelerated expectations for Federal Reserve interest rate cuts. • Narrowing U.S.-Japan yield spreads triggered an unwinding of yen-funded carry trade positions. • Technical indicators and automated selling orders are accelerating the downward trend for USDJPY.
Brown Brothers Harriman’s (BBH) Elias Haddad highlights growing market skepticism about Japan’s FX interventions, despite sizeable recent operations that triggered sharp but temporary Japanese Yen (JPY) rallies.
BNY's David Tam argues that rising U.S. rate volatility should favor safe-haven currencies, with the Yen historically benefiting from such episodes. Heavy speculative JPY shorts add another catalyst, as appreciation could force position unwinds and trigger a sharper squeeze.
The Japanese Yen (JPY) trades almost flat against the US Dollar (USD) at around 158.42 during the European trading session on Friday. The USD/JPY pair consolidates as investors await the United States (US) Nonfarm Payrolls (NFP) data for July, which will be published at 12:30 GMT.
The USD/JPY pair extends the range play through the Asian session on Friday, stalling this week's solid recovery from its lowest level since May, touched in the aftermath of a joint US-Japan intervention.
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The downside prevails as long as 158.20 is resistance, with 157.35 and 157.18 as targets
above 158.20, look for 158.47 and 158.64.
The downside prevails as long as 158.20 is resistance, with 157.35 and 157.18 as targets
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