Yesterday, in the Tokyo market, USD/JPY faced resistance at 158.07 yen, close to last weekend’s high of 158.08 yen. This confirmed the difficulty in breaking above the 158-yen level.
In the NY market, a sharp drop in the NY Dow led to a decline in Nikkei futures. Additionally, the Chicago Business Index, released on the same day, was weaker than expected, causing the dollar to fall. With risk-off sentiment, yen buying increased, pushing USD/JPY down to 156.67 yen.
Later, some dollar buying was observed during the London fixing, but upward momentum remained limited.
Today is the last trading day of the year, and adjustments for the new year starting tomorrow may lead to further declines.
USD/JPY Predicted Range: 158.10 yen – 155.70 yen
Note: The above information does not guarantee profits. Please make your own decisions when trading.