At the start of the Tokyo market this week, USD/JPY rose to 147.37 as some buying came in at the beginning of the month. But since last week’s high of 147.40 was close, selling started, and the price dropped back to 147.09. Later, in the European market, it rose again to 147.30. However, because the New York market was closed for Labor Day, the price did not move much after that.
The Bollinger Bands became narrow, and the price stayed between the 200MA and 90MA, showing very limited movement.
Today, when the New York market reopens, the ISM Manufacturing Index will be released. But since the important jobs data will come out later this week, traders may avoid taking big positions. No matter which way the price moves, it may return quickly.
USD/JPY expected range: 146.90 – 147.50 yen
Note: This information does not guarantee profits. Please make your own decisions when trading.