In early Tokyo trading, the U.S. and Japan held a finance meeting, but they did not talk about the exchange rate. After this news, the dollar rose to 144.39 yen. However, many traders still thought the weak yen might be corrected, so the dollar fell again to 142.80 yen in the European market.
Later, as the effect of the previous day’s triple weakness (fall in dollar, stocks, and bonds) calmed down, the dollar rose again to 144.33 yen. But it did not go higher than the morning’s level in Tokyo and ended the day around 143 yen.
For now, many people had sold the dollar because they expected the weak yen to be fixed, so a short-term correction is still happening. However, if concerns about the U.S. economy and the weak yen continue, the dollar may fall again after the current buying ends.
Dollar-Yen Expected Price Range: 143.20 – 144.60
Note: This is not a guarantee of profit. Please make your own decisions when trading.