Yesterday in the Tokyo market, the USD/JPY started with a drop to 152.77 yen. However, as U.S. long-term interest rates rose, the dollar moved up over 1 yen to 153.86. In the New York session, the JOLTS job openings report came in lower than expected, pushing USD/JPY down to 152.97 yen, but then it bounced back to 153.75 yen due to stronger-than-expected consumer confidence. This caused the USD/JPY to fluctuate up and down without a clear trend.
Today’s ADP employment report is also expected to show a large decrease from the previous month. If it is lower than expected, it may lead to more concerns about a weak jobs report at the end of the week, which could cause USD/JPY to fall below yesterday’s low.
However, with next week’s FOMC meeting and the presidential election coming up, if the USD/JPY dips, buyers may consider this a chance to buy at a lower level.
Expected USD/JPY range: 153.80 yen – 152.40 yen
Please note that the information above does not guarantee any profit. Make trading decisions based on your own judgment.