As cross-yen currencies continue to decline, USD/JPY also faced selling pressure starting in the Tokyo market. This weak trend continued into the European session, with resistance seen at higher levels. In the New York session, key data such as US GDP, the PCE deflator, and initial jobless claims were released. However, since the results were mostly as expected, there was little market reaction.
Ahead of today’s Thanksgiving holiday, position adjustments were noticeable, especially with stronger yen buying and dollar selling. USD/JPY fell below the strong support level at the 200-day moving average of 152 yen, dropping to as low as 150.46 yen. With fewer market participants, the market is more prone to one-sided movements
Although no major moves are expected as the New York market enters a full holiday today, it is likely that USD/JPY will stop declining around the key level of 150 yen.
USD/JPY expected range: 152.00–150.00
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