Just before the Tokyo market opened yesterday, the U.S. Secretary of Commerce said that President Trump might reduce tariffs on Canada and Mexico. Because of this, the U.S. dollar rose to 150.18 yen.
The dollar stayed strong in the European market, but when the euro rose, the dollar weakened, and USD/JPY dropped to around 149 yen. In the New York market, the U.S. ADP employment report was weaker than expected, so the dollar fell further to 146.36 yen. However, when news came out that President Trump might delay car tariffs by one month, stock prices went up, and this helped support USD/JPY.
The market reacts strongly to President Trump’s statements, making it hard to predict the future. However, the dollar is struggling to rise. With concerns about tomorrow’s U.S. jobs report, USD/JPY is likely to remain under pressure.
Expected USD/JPY Price Range: 149.60 – 148.00
Note: The above information does not guarantee profits. Please make your own decisions when trading.