US Dollar recovery loses steam with bulls halted at 152.90.
Dovish comments from BoJ officials and strong US data are supporting the pair.
The immediate bias remains positive, with bears limited above 152.00.
The US dollar has broken a three-day positive trend on Thursday. The pair is trading with moderate losses, with the market focused on US Producer Prices and the Unemployment Claims numbers, due to be released later today.
From a broader perspective, however, the pair maintains its immediate uptrend. Dovish comments from BoJ policymakers suggesting there is no rush to raise interest rates cast doubt on the outcome of next week’s monetary policy decision and will likely keep the yen at a disadvantage.
Dovish BoJ and strong US data support the dollar
Rising US Treasury yields, with the 10-year yield reaching 4.3% – up from 4.12% last week is another source of support for the Dollar. Inflation in the US accelerated in November to its fastest pace in seven months, forcing investors to scale back hopes for monetary easing by 2025.
Today’s focus is on the November IPP and last week’s Unemployment Claims numbers. Price pressures are also expected to have increased in factories, with unemployment claims declining. This would support the vision of a resilient US economy, increasing support for the Dollar.
USD/JPY Technical Outlook
The USD/JPY 4-hour chart shows the pair correcting higher, with the bulls limited so far at the 50% Fibonacci retracement level of the November sell-off.
The immediate bias remains positive, with price action above the 100 SMA, which is just below 152.00. key support for the uptrend is at 150.90. Resistances are at 152.85 and 153.60
Japanese Yen PRICE Today
The table below shows the percentage change of the Japanese Yen (JPY) against major currencies today. Japanese yen was the strongest currency against the Swiss franc.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.01% | 0.14% | -0.17% | -0.00% | -0.41% | -0.07% | 0.38% | |
| EUR | 0.00% | 0.15% | -0.18% | 0.00% | -0.40% | -0.07% | 0.39% | |
| GBP | -0.14% | -0.15% | -0.29% | -0.15% | -0.55% | -0.22% | 0.20% | |
| JPY | 0.17% | 0.18% | 0.29% | 0.17% | -0.24% | 0.06% | 0.52% | |
| CAD | 0.00% | -0.00% | 0.15% | -0.17% | -0.40% | -0.07% | 0.35% | |
| AUD | 0.41% | 0.40% | 0.55% | 0.24% | 0.40% | 0.34% | 0.78% | |
| NZD | 0.07% | 0.07% | 0.22% | -0.06% | 0.07% | -0.34% | 0.42% | |
| CHF | -0.38% | -0.39% | -0.20% | -0.52% | -0.35% | -0.78% | -0.42% |
The heat map shows percentage changes for major currencies. The base currency is selected from the left column, while the quote currency is selected from the top row. For example, if you choose the Japanese Yen from the left column and move along the horizontal line to the US Dollar, the percentage change shown in the box will represent the JPY (base)/USD (quote).
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
