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The USDJPY currency pair briefly reached 135.30 yen
but later faced selling pressure from profit-taking.
“The USDJPY currency pair briefly reached 135.30 yen”
The USDJPY currency pair briefly reached 135.30 yen in the morning, but later faced selling pressure from profit taking. Last week, the pair dropped to the 133 yen level due to concerns over the management crisis at US regional banks and the indication of a halt in interest rate hikes at the US Federal Open Market Committee (FOMC), but rose to the 135 yen level after strong US employment statistics were released on Friday. The pair ended the week trading at around 134 yen in the latter half of the 134 yen range.
At the start of this week, the Tokyo market opened with a dollar buying, yen selling sentiment. The USDJPY continued to rise, surpassing its five day high and reaching around 135.30 yen. However, after a brief period of upward momentum, the pair faced selling pressure from profit taking, as the London market was closed due to a holiday related to the coronation of King Charles, resulting in fewer participants in the market and position adjustments. In the afternoon, the pair faced resistance at around 134.60 yen.
The EURJPY currency pair, which had risen to 149.09 yen in the morning in line with the rise of the USDJPY, quickly corrected to the 148 yen range, where it continued to trade. Meanwhile, the EURUSD pair reached 1.1010 in the morning due to the strength of the dollar, but then rose to around 1.1040. Although the market lacked enthusiasm, the pair gave a slightly stronger impression while trading in the 1.10 range.
Today, the USDJPY continued to adjust after a slight rise in the morning, falling below 135 yen, and faced resistance at around 134.84 yen in the afternoon. Although the USDJPY maintained its upward trend from last Friday’s US employment statistics, some caution was seen in purchasing the currency ahead of tomorrow’s US Consumer Price Index (CPI).
The EUR/USD pair fell below 1.10 in the morning, trading around 1.0990, while the EURJPY pair rose to 148.69 yen in response to the morning’s rise of the USDJPY but then fell to around 148.20 yen due to the euro’s weakness against the dollar. The AUDUSD and GBPUSD pairs traded calmly, with the former hovering around 0.6780 and the latter hovering around 1.2610.
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