- The USD/JPY pair is trading steady above 147.50 after a rapid drop to 147.15.
- The American currency moves sideways awaiting the publication of the Fed Minutes.
- The Dollar moves away from the initial falls on Tuesday.
The USD/JPY pair returns to the 148.00 area, after having reached an intraday low of 147.15, from the day’s opening bids of 148.40.
Market attention is focused on the Federal Reserve (Fed) and its latest meeting minutes, which will be published at the end of the US session at 2:00 PM EST. A hawkish Fed could make markets nervous after last week’s inflation figures suggested an interest rate cut.
The lack of dovish language from the Fed could unnerve markets.
US home sales will also complicate matters for investors as market participants increasingly lean towards the “soft landing” narrative. The change in US Existing Home Sales fell 4.1% in October, accelerating downward from -2.2% last month, which was also revised downward from 2.0%.
October existing home sales reached 3.9 million, falling above the forecast of 3.9 million and losing volume from September’s 3.96 million. The figure represents the lowest number of homes already built that have changed hands since 2010.
Current rate of the Japanese Yen
The following table shows the percentage change of the Japanese Yen (JPY) against major currencies today. The Japanese Yen was the strongest currency against the Euro.
The map shows the percentage changes of the major currencies against each other. The base currency is chosen in the left column, while the quote currency is chosen in the top row. For example, if you choose the euro in the left column and scroll down the horizontal line to the Japanese yen, the percentage change in the box will represent EUR (base)/JPY (quote).
USD/JPY Technical Outlook
The USD/JPY pair has seen a steady decline from last week’s highs near 151.91, closing lower for four of the last five sessions, and is about to close a fourth consecutive red candle if Tuesday closes below of 148.33.
With this week’s decline, the pair is trading south of the 50-day SMA near 149.50, and long-term technical support will await the bears at the 200-day SMA near 141.50.
USD/JPY Hourly Chart
USD/JPY Daily Chart
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.