2025.03.07 [March 7] USDJPY enters 147 yen level as it struggles to move higher ahead of U.S. employment statistics
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Recap of previous trading day (March 6)
Yesterday the USDJPY reached a high of 149.33 yen around GMT 01:00, but turned downward in the afternoon. Around GMT 06:30, it was reported that wage increase demands of 6% were made in the spring labor offensive for the first time in 32 years, and the market reacted with yen buying. The price hit a low of 147.31 around GMT 14:00.
After that, the decline paused, and trading for the day closed at 147.98 yen.
Recap of the Tokyo market and outlook going forward
Today the USDJPY reached a high of 148.16 at GMT 00:00, and a low of 147.44 around GMT 03:30. Uncertainty about the economy regarding tariffs and speculation about a Bank of Japan rate hike are supporting yen buying.
Looking at the 1-hour chart of the USDJPY (as of GMT 04:10 on March 7), the middle line is downward sloping, indicating a downward trend. If the downside movement continues, the next target appears to be the 145 yen level
The main economic indicators for today are as follows:
- GMT 13:30 U.S. February Nonfarm payrolls
- GMT 13:30 U.S. February Unemployment rate
- GMT 13:30 U.S. February Average hourly earnings
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