2025.02.07 [February 7] Yen buying pauses in the 151 range ahead of U.S. employment statistics
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Recap of previous trading day (February 6)
Yesterday the USDJPY reached a high of 152.89 shortly after GMT 09:00, but subsequently continued its yen-strengthening trend.
Following the release of the previous week's initial jobless claims data at GMT 13:30, showing poor results, the market reacted with selling. Around GMT 19:30 (on February 5), it touched a low of 151.23, and trading for the day closed at 151.35.
Recap of the Tokyo market and outlook going forward
Today the USDJPY touched a low of 150.95 shortly after GMT 00:00, pressured by Bank of Japan rate hike speculation and caution ahead of the Japan-U.S. summit meeting. As of GMT 04:00, it has risen to the upper 151-yen range.
Looking at the 1-hour chart of the USDJPY (as of GMT 03:50 on February 7), while it has broken above -1 standard deviation, the middle line continues to trend downward. The downward trend appears likely to continue.
(20-period Bollinger Band, showing ±1 and ±2 standard deviations)
The main economic indicators for today are as follows:
- GMT 13:30 U.S. January Nonfarm payrolls
- GMT 13:30 U.S. January Unemployment rate
- GMT 13:30 U.S. January Average hourly earnings
- GMT 15:00 U.S. February Michigan Consumer Sentiment, preliminary
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