At the beginning of the week, the U.S. dollar fell against the Japanese yen in the Tokyo market. This happened because the dollar had gone up too much last week after the U.S. jobs report, and now people were selling it. The USD/JPY went down to 143.97 yen.
Later in the New York market, a U.S. economic report (the ISM Non-Manufacturing Index) was better than expected, so people started buying the dollar again. USD/JPY went back up to 144.23 yen. However, many people were selling other currency pairs against the yen, so the dollar could not stay high and fell again to the 143 yen level. In the end, the yen became stronger against many currencies.
Tomorrow, the U.S. central bank (FOMC) is expected to keep interest rates the same. But many people believe they will lower rates in June, so the dollar may become weaker again.
Today, people are expected to continue selling dollars after last week’s rise.
Expected Range for USD/JPY: 142.90 yen – 144.20 yen
Note: This information is not a guarantee of profit. Please make your own trading decisions.