USD/JPY remains below 154.50 amid weaker US Dollar

FXStreet
Updated
Mitrade
coverImg
Source: DepositPhotos

■USD/JPY continues to decline as the US Dollar correction exerts pressure on the pair.


Japan's CPI data is scheduled to be released on Friday, expecting a moderation in consumer prices for March.


US President Joe Biden calls for a tripling of tariffs on Chinese steel and aluminum.


USD/JPY extends its losses for the second successive session, trading around 154.30 during the Asian hours on Thursday. The decline in the US Dollar (USD) exerts pressure on the USD/JPY pair. The Japanese Yen (JPY) might have received support from Japan's trade balance shifting to a surplus in March.


Japan’s Merchandise Trade Balance Total improved to ¥366.5 billion surplus from the previous deficit of ¥377.8 billion. Additionally, the Japanese Yen could have strengthened due to safe-haven inflows, likely prompted by risk aversion amid heightened geopolitical tensions in the Middle East.


US President Joe Biden addressed the American steel industry hub in Pittsburgh on Wednesday, advocating for heightened pressure on the Chinese steel sector. He has urged US Trade Representative Katherine Tai to explore the possibility of tripling the existing 7.5% tariff rate on Chinese steel and aluminum, according to CBS News. This development could potentially benefit the Japanese market and provide support for the Japanese Yen (JPY).


Traders anticipate the release of Japan's National Consumer Price Index (CPI) data by the Statistics Bureau of Japan on Friday, with market expectations leaning towards a moderation in consumer prices for March.


On the other hand, the expectation of the Federal Reserve (Fed) maintaining elevated interest rates for an extended period, supported by a robust US economy and persistent inflation, serves as a counterbalance to the downward pressure on the USD/JPY pair.


Federal Reserve Bank of Cleveland President Loretta Mester addressed on Wednesday, noting that inflation surpasses expectations and that the Fed requires more assurance before confirming the sustainability of 2% inflation. She added that monetary policy is well-positioned, with a potential rate cut if labor market conditions deteriorate.


Additionally, Federal Reserve (Fed) Governor Michelle Bowman remarked that progress in inflation is slowing, potentially stalling altogether. Bowman also mentioned that monetary policy is presently restrictive, and time will determine if it is adequately so.


USD/JPY


Overview

Today last price

154.28

Today Daily Change

-0.11

Today Daily Change %

-0.07

Today daily open

154.39


Trends

Daily SMA20

152.23

Daily SMA50

150.67

Daily SMA100

148.01

Daily SMA200

147.5

 

Levels

Previous Daily High

154.74

Previous Daily Low

154.16

Previous Weekly High

153.39

Previous Weekly Low

151.57

Previous Monthly High

151.97

Previous Monthly Low

146.48

Daily Fibonacci 38.2%

154.38

Daily Fibonacci 61.8%

154.52

Daily Pivot Point S1

154.12

Daily Pivot Point S2

153.86

Daily Pivot Point S3

153.55

Daily Pivot Point R1

154.7

Daily Pivot Point R2

155

Daily Pivot Point R3

155.27

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

goTop
quote
Do you find this article useful?
Related Articles
placeholder
Nonfarm Payrolls forecast: US job growth expected to slow in January amid Fed uncertainty US Nonfarm Payrolls are set to increase by 170K in January after reporting 256K in December.
Author  FXStreet
Yesterday 05: 09
US Nonfarm Payrolls are set to increase by 170K in January after reporting 256K in December.
placeholder
Japanese Yen rallies to near two-month top against USD amid hawkish BoJ expectationsThe Japanese Yen (JPY) remains on the front foot against its American counterpart during the Asian session on Thursday amid the growing acceptance that the Bank of Japan (BoJ) would keep raising interest rates.
Author  FXStreet
Feb 06, Thu
The Japanese Yen (JPY) remains on the front foot against its American counterpart during the Asian session on Thursday amid the growing acceptance that the Bank of Japan (BoJ) would keep raising interest rates.
placeholder
Australian Dollar edges lower amid rising fears over US-China trade warThe Australian Dollar (AUD) edges lower against the US Dollar (USD) amid an increased risk aversion following rising fears over US-China trade tensions.
Author  FXStreet
Feb 05, Wed
The Australian Dollar (AUD) edges lower against the US Dollar (USD) amid an increased risk aversion following rising fears over US-China trade tensions.
placeholder
USD/CAD holds positive ground near 1.4400 ahead of BoC, Fed rate decisionsThe USD/CAD pair trades with mild gains around 1.4400 during the early Asian session on Wednesday.
Author  FXStreet
Jan 29, Wed
The USD/CAD pair trades with mild gains around 1.4400 during the early Asian session on Wednesday.
placeholder
US Dollar Index jumps to near 108.00, Trump tariff policies in focusThe US Dollar Index (DXY), an index of the value of the US Dollar (USD) measured against a basket of six world currencies, drifts higher to near 107.95, snapping the three-day losing streak during the Asian trading hours on Tuesday.
Author  FXStreet
Jan 28, Tue
The US Dollar Index (DXY), an index of the value of the US Dollar (USD) measured against a basket of six world currencies, drifts higher to near 107.95, snapping the three-day losing streak during the Asian trading hours on Tuesday.
Real-time Quote