[February 4] Global economic uncertainty rises over tariffs. Markets show signs of indecision.

2025.02.04 [February 4] Global economic uncertainty rises over tariffs. Markets show signs of indecision.

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Recap of previous trading day (February 3)

Yesterday the USDJPY reached a high of 155.88 around GMT 01:00, then fell back to record a low of 154.00 shortly after GMT 15:00.

After that, following reports of a phone call between President Sheinbaum and President Trump resulting in a one-month postponement of U.S. tariffs on Mexico, buy-back activity increased, and trading for the day closed at 154.74.

Recap of the Tokyo market and outlook going forward

Today the USDJPY reached a high of 155.40 around GMT 00:30, and has since been moving directionlessly in the lower 155-yen range.

Looking at the 1-hour chart of the USDJPY (as of GMT 04:00 on February 4), it has been moving significantly up and down between around 154.00 and just under 156.00, making it difficult to grasp a clear direction. It seems that the best strategy here would be to move in the direction in which the price breaks out of this range.