[January 13] USDJPY shows subdued movement with bearish tone after U.S. employment data volatility

2025.01.13 [January 13] USDJPY shows subdued movement with bearish tone after U.S. employment data volatility

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Recap of previous trading day (January 10)

Last Friday, the USDJPY showed an upward trend directly after the market open , but declined following reports of potential Bank of Japan rate hike in January, falling below 158.00 around GMT 09:00.

When the U.S. employment data was released at GMT 13:30, strong results triggered dollar buying in the market, pushing the pair to a high of 158.87. However, it subsequently reversed course, hitting a low of 157.22 after GMT 15:00, and trading for the week ended at 157.66.

Recap of the Tokyo market and outlook going forward

Today the USDJPY reached a high of 157.96 shortly after GMT 00:00 before turning downward, then hit a low of 157.27 after GMT 01:30. As of GMT 04:00, it is falling again, targeting the recent low.

Looking at the 1-hour chart of the USDJPY (as of GMT 04:00, January 13), the middle line shows a downward slope, with trading between -1 standard deviation and -2 standard deviations. If it breaks below the January 10 low of 157.22, the pair could potentially fall below 157.00.