2025.03.17 [March 17] Markets inch above 149 yen ahead of U.S. and Japanese monetary policy meetings
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Recap of previous trading day (March 14)
Last Friday, the USDJPY traded firmly, with a low of 147.70 yen at the opening. It reached a high of 149.02 yen shortly after GMT 07:00.
The U.S. March University of Michigan Consumer Sentiment (preliminary) released at GMT 14:00 deteriorated to 57.9 against an expected 63.1, after which the pair fell but found support at 148.26 yen. Trading for the day closed at 148.62 yen.
Recap of the Tokyo market and outlook going forward
Today the USDJPY touched a low of 148.46 yen around GMT 23:00 (on March 16), then fluctuated while making new highs, and is currently rising in the 148.9 yen range as of GMT 04:00.
Looking at the 1-hour chart of the USDJPY (as of GMT 04:00 on March 17), the middle line is almost horizontal, making it difficult to grasp the direction. If it cannot break through the resistance at 149 yen, there is a possibility that the price could turn downward
The main economic indicators for today are as follows:
- GMT 12:30 U.S. March NY Empire State Manufacturing Index
- GMT 12:30 U.S. February Retail sales
- GMT 14:00 U.S. January Corporate inventory
- GMT 14:00 U.S. March NAHB Housing Market Index
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