- The USD/JPY pair is struggling to hold onto limited gains from Tuesday's trading session.
- The US Dollar slid to a ten-week low against the Yen as the pair slips back from long-term highs.
- US labor data due on Wednesday, Japan national inflation figures on Thursday.
The USD/JPY kicked off Tuesday with a quick drop from the 148.40 region into a new ten-week low near 147.15, but the US Dollar (USD) managed to recover its balance and reclaim the 148.00 handle, bolstered against the Japanese Yen (USD) by a softly hawkish Federal Reserve (Fed) Meeting Minutes release.
The Federal Reserve's (Fed) latest minutes from the US central bank's October 31st - November 1st meeting revealed that the Federal Open Market Committee (FOMC) remains firmly committed to higher rates to combat forward-looking inflation expectations.
Markets initially twisted on release, but remain steady heading into Wednesday's trading despite the notable tonal disconnect between a hawkish Fed and broader markets' desire for a rate cut cycle to begin.
US Initial Jobless Claims for the week ending November 17th are expected to retreat slightly to 225K from the previous week's multi-year high of 231K; the 4-week average for Initial Jobless Claims is currently 220.25K.
The US Michigan Consumer Sentiment Index is expected to slightly improve for November from 60.4 to 60.5, and US Durable Goods Orders in October are forecast to show a decline from 4.6% to -3.1%. US Inflation Expectations are also forecast to hold steady at 3.2% in November.
Japanese Yen price this week
The table below shows the percentage change of Japanese Yen (JPY) against listed major currencies this week. Japanese Yen was the strongest against the US Dollar.
| USD | EUR | GBP | CAD | AUD | JPY | NZD | CHF | |
| USD | -0.10% | -0.72% | -0.15% | -0.68% | -1.22% | -0.94% | -0.30% | |
| EUR | 0.10% | -0.63% | -0.04% | -0.57% | -1.12% | -0.83% | -0.20% | |
| GBP | 0.72% | 0.63% | 0.58% | 0.05% | -0.48% | -0.20% | 0.43% | |
| CAD | 0.15% | 0.05% | -0.58% | -0.53% | -1.07% | -0.79% | -0.16% | |
| AUD | 0.67% | 0.58% | -0.04% | 0.53% | -0.54% | -0.25% | 0.38% | |
| JPY | 1.21% | 1.11% | 0.25% | 1.04% | 0.53% | 0.30% | 0.88% | |
| NZD | 0.94% | 0.83% | 0.21% | 0.79% | 0.25% | -0.28% | 0.63% | |
| CHF | 0.30% | 0.20% | -0.42% | 0.15% | -0.39% | -0.92% | -0.63% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR (base)/JPY (quote).
USD/JPY Technical Outlook
The USD/JPY has seen steady declines from last week's highs near 151.91, closing bearish for four of the last five trading sessions, and is set to close for a fourth straight red candle if Tuesday closes below 148.33.
This week's decline sees the pair trading to the south side of the 50-day Simple Moving Average (SMA) near 149.50, and long-term technical support will be waiting to meet bears at the 200-day SMA near 141.50.
USD/JPY Hourly Chart
USD/JPY Daily Chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD struggles near multi-month low; remains below 0.6500 after Aussie jobs report
AUD/USD hangs near its lowest level since August 6 and remains below the 0.6500 psychological mark following the release of rather unimpressive Australian employment details. RBA Governor Michele Bullock said this Thursday that interest rates were restrictive enough and will not rise any further.
USD/JPY stands firm near multi-month top, above mid-155.00s
USD/JPY holds steady near its highest level since July 24, above mid-155.00s during the Asian session on Thursday and seems poised to prolong its appreciating move. The continuation of the Trump trade lifts the USD to a fresh YTD high.
Gold price remains vulnerable near its lowest level since September 19
Gold price enters a bearish consolidation following a four-day decline to a nearly two-month low amid oversold conditions on hourly charts. Any meaningful recovery, however, seems elusive amid the recent USD bullish run to a fresh YTD low, bolstered by expectations for US President-elect Donald Trump's expansionary policies and elevated US bond yields.
Dogecoin Price Forecast: Miners offload $240M as DOGE approaches risk zone
Since Donald Trump’s victory on November 5, Dogecoin has emerged as the best performing asset among the top 10 ranked cryptocurrencies. On November 12, DOGE reached a new milestone price propelled by Trump’s statement confirming Elon Musk’s involvement in the incoming administration.
Trump vs CPI
US CPI for October was exactly in line with expectations. The headline rate of CPI rose to 2.6% YoY from 2.4% YoY in September. The core rate remained steady at 3.3%. The detail of the report shows that the shelter index rose by 0.4% on the month, which accounted for 50% of the increase in all items on a monthly basis.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.