USD/JPY Drops Below 157.50 During Japan's Holiday Season
The USD/JPY pair has slightly decreased to near 157.30, with verbal intervention from Japanese authorities providing some support to the Japanese Yen (JPY). However, uncertainty surrounding the Bank of Japan's (BoJ) policy outlook may limit the Yen's recovery. The Japanese market will be closed for the rest of the week. Traders are awaiting the release of the U.S. ISM Manufacturing PMI for December, which is scheduled for late Friday.
Last week, Japan’s Finance Minister Katsunobu Kato reiterated concerns about the weakening Yen and emphasized the need for appropriate measures to address excessive exchange rate volatility. The BoJ will release its quarterly economic report next week, which may provide insights into the central bank's next policy move. Meanwhile, expectations that the Federal Reserve (Fed) will be less aggressive in cutting interest rates in 2025, coupled with positive economic outlooks for the U.S., could provide support for the U.S. Dollar (USD).
Technical charts show that the USD/JPY pair is approaching support at 156.196, and if this level is broken, the bearish trend could continue towards the next support level. On the other hand, the 157.779 resistance level remains a key barrier to watch for any potential reversal. However, given the current uncertainty surrounding BoJ policy and global factors in play, the USD/JPY pair may continue its downward trend in the short term.
Last week, Japan’s Finance Minister Katsunobu Kato reiterated concerns about the weakening Yen and emphasized the need for appropriate measures to address excessive exchange rate volatility. The BoJ will release its quarterly economic report next week, which may provide insights into the central bank's next policy move. Meanwhile, expectations that the Federal Reserve (Fed) will be less aggressive in cutting interest rates in 2025, coupled with positive economic outlooks for the U.S., could provide support for the U.S. Dollar (USD).
Technical charts show that the USD/JPY pair is approaching support at 156.196, and if this level is broken, the bearish trend could continue towards the next support level. On the other hand, the 157.779 resistance level remains a key barrier to watch for any potential reversal. However, given the current uncertainty surrounding BoJ policy and global factors in play, the USD/JPY pair may continue its downward trend in the short term.
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