The Japanese yen held firm near 144 per dollar, marking its fourth straight session of gains, bolstered by a weaker US dollar in the wake of Moody’s downgrade of the US credit rating. The move, prompted by fiscal concerns and rising deficits, dented dollar confidence globally.
Despite this, Japan’s own economic data weighed on sentiment, with GDP shrinking by 0.2% in Q1, its first contraction in a year and worse than anticipated. Investors are also closely watching the upcoming Japanese trade data with concerns about the impact of potential new US tariffs. A third round of US-Japan trade talks is set to begin in Washington by the end of the week, led by Japan’s chief negotiator Ryosei Akazawa.
USD/JPY faces immediate resistance at 148.60, with higher levels at 149.80 and 151.20. Key support is seen at 139.70, followed by 137.00 and 135.00.
Despite this, Japan’s own economic data weighed on sentiment, with GDP shrinking by 0.2% in Q1, its first contraction in a year and worse than anticipated. Investors are also closely watching the upcoming Japanese trade data with concerns about the impact of potential new US tariffs. A third round of US-Japan trade talks is set to begin in Washington by the end of the week, led by Japan’s chief negotiator Ryosei Akazawa.
USD/JPY faces immediate resistance at 148.60, with higher levels at 149.80 and 151.20. Key support is seen at 139.70, followed by 137.00 and 135.00.
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