During Tokyo trading, the dollar-yen (USD/JPY) briefly went up to 148.11 after news that S&P kept the U.S. credit rating unchanged, but it quickly fell back. When the Nikkei stock average went down and Japanese government bond yields dropped, the yen was bought, and USD/JPY fell. In the European market, buying continued, but in the New York market, weak stock prices pushed USD/JPY down to 147.43. This showed stronger yen buying because of risk-off mood. However, hopes for a U.S.–Russia–Ukraine three-party meeting reduced geopolitical risk, leading to some yen selling. As a result, USD/JPY stayed in a narrow range. Until the Jackson Hole meeting, it is expected to keep moving in this narrow range.
USD/JPY forecast range: 147.20 – 147.90 yen
Note: This information does not guarantee profits. Please make your own decisions when trading.