On Tuesday, the USD/JPY formed a ‘doji’ and finished the day unchanged at around 143.58.
USD/JPY closes unchanged at 143.58, forming a ‘doji’ candlestick, signaling indecision amid geopolitical risks. RSI suggests potential consolidation, with the pair expected to trade between 142.98 and 144.53 in the short term. A break above 144.53 could target 145.00 and the 50-DMA at 145.47, while a drop below 142.98 exposes the 141.65 support level. During the session, the major seesawed at around a 150-pip range before ending the trading day with minimal gains of 0.02%.
Its value is broadly determined by the performance of the Japanese economy, but more specifically by the Bank of Japan’s policy, the differential between Japanese and US bond yields, or risk sentiment among traders, among other factors. How do the decisions of the Bank of Japan impact the Japanese Yen? One of the Bank of Japan’s mandates is currency control, so its moves are key for the Yen.
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