USD/JPY Price Analysis: Consolidates below 161.50 due to thin trading

📆 7/4/2024 8:45 PM
📰 FXStreetNews

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Majors,Technical Analysis

The USD/JPY registers minimal losses in thin volume conditions during the North American session due to US financial markets being closed in observance of the US Independence Day holiday.

USD/JPY dips to 161.24, down 0.28%, amid quiet trading on US Independence Day. RSI leaves overbought zone, suggesting waning buying momentum, yet remains bullish above the 50-neutral line. Buyers aim for YTD high of 161.95 and key 162.00 resistance, with sights on November 1986 high of 164.87. Support established at 161.00, 160.35 , 159.30 , and 158.25 . The major trades at 161.24, down 0.28% after hitting a daily high of 161.70.

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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USD/JPY Price Analysis: Erases previous-day losses and climbs above 156.00The USD/JPY recovered some ground and advanced towards the top of the Ichimoku Cloud (Kumo) on Wednesday, gaining some 0.79% and trading at 156.11 at the time of writing.
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