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With unofficial intervention from the Japanese foreign exchange authorities and expectations of rate cuts by the Federal Reserve, the dollar weakened and the yen strengthened, causing USDJPY to decline recently. However, expectations for rate cuts are diminishing again, and yen carry trading due to interest rate differentials between the United States and Japan appears to be continuing. Since there are no major market-moving events scheduled for this week, news from Japanese authorities or the Fed is likely to drive the market.
- On May 14, the US Producer Price Index for April will be released.
- On May 15, the US Consumer Price Index for April will be released.
- On May 16, Japan's GDP for the first quarter will be released.
- On May 17, the Eurozone Consumer Price Index for April will be released.
USDJPY fell to the 152 line as expected last week due to resistance at the top. However, it has risen to the 155 line due to a rebound at the support level. Since there is no significant resistance to the upside, there may be another confirmation process of the resistance at the top trend line, and if resistance occurs in this range, a low around the 149-150 range is expected this time.
In summary, a short-term rise to the 159 line followed by a medium-term decline to the 149-150 range is anticipated.
We will adjust our strategy if movements deviate from expectations.
Please share your personal opinions in the comments. Booster and subscription requests are appreciated.
With unofficial intervention from the Japanese foreign exchange authorities and expectations of rate cuts by the Federal Reserve, the dollar weakened and the yen strengthened, causing USDJPY to decline recently. However, expectations for rate cuts are diminishing again, and yen carry trading due to interest rate differentials between the United States and Japan appears to be continuing. Since there are no major market-moving events scheduled for this week, news from Japanese authorities or the Fed is likely to drive the market.
- On May 14, the US Producer Price Index for April will be released.
- On May 15, the US Consumer Price Index for April will be released.
- On May 16, Japan's GDP for the first quarter will be released.
- On May 17, the Eurozone Consumer Price Index for April will be released.
USDJPY fell to the 152 line as expected last week due to resistance at the top. However, it has risen to the 155 line due to a rebound at the support level. Since there is no significant resistance to the upside, there may be another confirmation process of the resistance at the top trend line, and if resistance occurs in this range, a low around the 149-150 range is expected this time.
In summary, a short-term rise to the 159 line followed by a medium-term decline to the 149-150 range is anticipated.
We will adjust our strategy if movements deviate from expectations.