2025.03.06 [March 6] Weak U.S. economic indicators lead to soft USDJPY. Awaiting tomorrow's employment statistics.
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Recap of previous trading day (March 5)
Yesterday the USDJPY reached a high of 150.18 yen shortly after GMT 01:30, but failed to continue rising and remained somewhat weak.
The U.S. ADP employment figures for February released around GMT 13:15 showed a result of 77,000 jobs versus the expected 140,000, which was weak. This led to selling in the market, and the price hit a low of 148.39 yen around GMT 15:00. The decline then stalled, and trading for the day closed at 148.87 yen.
Recap of the Tokyo market and outlook going forward
Today the USDJPY reached a low of 148.72 yen shortly after GMT 23:00 (on March 5), then rose to reach a high of 149.33 yen around GMT 01:00. As of GMT 04:00, it is moving without direction in the lower 149-yen range.
Looking at the 1-hour chart of the USDJPY (as of GMT 04:00 on March 6), it shows a narrowing band width while repeating ups and downs, creating a situation where the directional trend is difficult to see.
The main economic indicators for today are as follows:
- GMT 13:30 U.S. January Trade balance
- GMT 13:30 U.S. Initial jobless claims for the previous week
- GMT 13:30 U.S. Continuing jobless claims for the previous week
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