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12 Dec 2024
USD/JPY rally halts at 152.90 awaiting more data from the US
The US Dollar recovery loses steam with bulls halted at 152.90.
Dovish comments from BoJ officials and strong US data are supporting the pair.
The immediate bias remains positive, with bears capped above 152.00.
The US Dollar has snapped a three-day positive trend on Thursday. The pair is trading with moderate losses with the market focusing on US Producer Prices and and Jobless Claims figures, due later today.
From a wider perspective, however, the pair maintains its immediate bullish trend. The dovish comments from BoJ policymakers suggesting that there is no rush to hike interest rates cast doubts on the outcome of next week’s monetary policy decision and will likely keep the Yen on its back foot.
A dovish BoJ and strong US data support the Dollar
The higher US Treasury yields, with the 10-year yield hitting 4.3% - from 4.12% last week is another source of support for the Greenback. US inflation accelerated in November at its fastest pace in seven months, which is forcing investors to dial back hopes of monetary easing for 2025.
The focus today is on November’s PPI and last week’s Jobless Claims figures. Price pressures are expected to have also increased at factory gates with unemployment claims declining. This would endorse the view of a resilient US economy, increasing support for the Greenback
USD/JPY Technical Outlook
The 4-hour USD/JPY chart shows the pair correcting higher, with bulls capped so far at the 50% Fibonacci retracement level of November’s sell-off.
The immediate bias remains positive, with price action standing above the 100-period SMA, which meets the price right below 152.00. the key support for the upside trend is at 150.90. Resistances are at 152.85 and 153.60
Japanese Yen PRICE Today
The table below shows the percentage change of Japanese Yen (JPY) against listed major currencies today. Japanese Yen was the strongest against the Swiss Franc.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.01% | 0.14% | -0.17% | -0.00% | -0.41% | -0.07% | 0.38% | |
| EUR | 0.00% | 0.15% | -0.18% | 0.00% | -0.40% | -0.07% | 0.39% | |
| GBP | -0.14% | -0.15% | -0.29% | -0.15% | -0.55% | -0.22% | 0.20% | |
| JPY | 0.17% | 0.18% | 0.29% | 0.17% | -0.24% | 0.06% | 0.52% | |
| CAD | 0.00% | -0.00% | 0.15% | -0.17% | -0.40% | -0.07% | 0.35% | |
| AUD | 0.41% | 0.40% | 0.55% | 0.24% | 0.40% | 0.34% | 0.78% | |
| NZD | 0.07% | 0.07% | 0.22% | -0.06% | 0.07% | -0.34% | 0.42% | |
| CHF | -0.38% | -0.39% | -0.20% | -0.52% | -0.35% | -0.78% | -0.42% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Japanese Yen from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent JPY (base)/USD (quote).