The USD/JPY skyrocketed late in the North American session, trading at 142.44, up by over 1% after bouncing off a daily low of 140.32.
USD/JPY climbs over 180 pips, testing key resistance at 142.35 . A break above 143.04 could target resistance at 143.15 and 144.48 . A drop below 142.00 could see the pair resume its downtrend, with support at 139.58 and 139.00. Solid US data added to investors' uncertainty about the size of a Federal Reserve rate cut as they eyed its monetary policy decision on Wednesday. Therefore, traders shorting the US Dollar trimmed their positions, as seen as price action in the USD/JPY pair.
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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