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FXON Market Analysis (April 14 to April 20)
In the foreign exchange market for the week that ended on April 20th, heightened uncertainty over the Trump tariffs continued to make the market nervous. The USDJPY, which plummeted in the previous week, hovered around that week's bottom as it failed to show a clear direction throughout the week.
[April 18] Market activity subdued due to closed European and U.S. markets, USDJPY fluctuates in 142-yen range
Today, major markets are closed for Good Friday, and the USDJPY touched a low of 142.20 yen around GMT 00:00 but didn't fall further, fluctuating in the lower 142-yen range.
[April 17] USDJPY briefly breaks below 142, headline-driven movements continue
Today the USDJPY reached a high of 142.86 around GMT 01:30, as exchange rates were not discussed during the U.S.-Japan trade talks. Looking at the 1-hour chart of the USDJPY (as of GMT 05:00 on April 17), we can see a rebound after reaching -2 standard deviations, with resistance being watched around 142.9. If the price fails to break above this level, it would be appropriate to maintain a downward outlook.
[April 16] Little momentum but downward pressure on the dollar persists
Today the USDJPY reached a high of 143.28 yen shortly after GMT 23:00 (on April 15) before declining, hitting a low of 142.46 yen around GMT 04:00. Looking at the 1-hour chart of the USDJPY (as of GMT 04:30 on April 16), it appears to be breaking below the consolidation range and approaching the support line around 142.22 yen.
[April 15] Drop pauses while price struggles to rise, hovering around 143-yen range
Today the USDJPY traded somewhat firmly from the opening, reaching a high of 143.59 yen shortly after GMT 00:30. After the TTM (Telegraphic Transfer Middle Rate) passed, the price declined, and as of GMT 04:00, it is trading in the lower 143-yen range.
[April 14] Fluctuations in Trump-era market continue, USDJPY drops to 142-yen range before settling
Today the USDJPY touched a high of 144.06 yen around GMT 22:00 due to reports that smartphones would be excluded from mutual tariffs. However, when those reports were denied, expectations for mitigation of trade friction receded, causing a decline. The price touched a low of 142.25 yen around GMT 01:30 and stabilized, remaining in the lower 143-yen range as of GMT 04:00.
FXON Market Analysis (April 7 to April 13)
In the foreign exchange market for the week that ended on April 13th, the Trump administration's tariff policy threw the entire market into turmoil. While traders were very nervous about the tariff news, the dollar weakened against other major currencies.
[April 11] U.S. triple weakness due to Trump tariff policy, USDJPY falls below 143 yen
Today the USDJPY accelerated its decline as President Trump warned Mexico of additional tariffs regarding a water treaty. Around GMT 00:30, it hit a low of 142.88 yen. As of GMT 04:00, it continues to fall in the low 143-yen range. Looking at the 1-hour chart of the USDJPY (as of GMT 04:00 on April 11), the downward trend continues. If it breaks below 142 yen, it could potentially reach the 140-yen range.
[April 10] Sudden announcement of 90-day suspension of reciprocal tariffs causes USDJPY to surge by about 4 yen
Today the USDJPY has seen adjustment selling from the previous day, and as of GMT 04:30, it is trading in the 146.5-yen range. The U.S. has strengthened tariffs against China, and the risk of Chinese retaliation is weighing on the upside. Looking at the 1-hour chart of the USDJPY (as of GMT 04:40 on April 10), it is in an adjustment phase after the surge, making it difficult to read the directional trend on this time frame.
[April 9] Trump tariffs implementation leads to further decline, USDJPY falls below 145 yen
Today the USDJPY saw increased yen buying due to the U.S. government's announcement of guidance on China tariffs and the implementation of Trump tariffs, reaching a high of 146.34 yen around GMT 22:00 (on April 8), followed by a continued decline, hitting a low of 144.57 yen shortly after GMT 04:00. As of GMT 05:00, it is trying to return to the 145-yen range.
[April 8] Risk aversion calms down, USDJPY temporarily returns to the 148-yen range
Today the USDJPY touched a high of 148.12 yen around GMT 22:30 (on April 7) before gradually turning downward, reaching 147.25 yen around GMT 02:30. As of GMT 04:30, it is trading in the mid-147-yen range.
[April 7] Trump tariff confusion subsides, USDJPY rebounds approximately 2 yen to the 146-yen range
The USDJPY started this week with a large downward gap. There was risk-averse yen buying after U.S. Treasury Secretary Scott Bessent showed a positive attitude toward tariffs over the weekend. The USDJPY touched a low of 144.81 shortly after GMT 23:00 (on April 6), then rebounded to reach a high of 146.84 shortly after GMT 02:30, and as of GMT 04:00 is moving in the lower half of the 146-yen range.
FXON Market Analysis (March 31 to April 6)
Following the Trump administration's "reciprocal tariffs" policy, traders reinforced their risk-off stance to sell the dollar and buy the yen in the foreign exchange market of the week that ended on April 6th. The announcement of countermeasures by the Chinese government on April 4th, in particular, added to the market's uncertainty.
[April 4] About 5 yen crash since April 2, decline pauses but recovery is sluggish
Today the USDJPY rose from a low of 145.54 yen marked shortly after GMT 22:00 (on April 3), reaching a high of 146.40 yen around GMT 01:00, but was then pushed back. As of GMT 04:00, it is trading in the upper 145-yen range.
Notice of Changes in Trading Hours for DAXEUR and FTSGBP
Please be informed that the trading close time on Fridays for DAXEUR and FTSGBP will be earlier by one hour after Friday, April 4, 2025. Please refer to the details below regarding the changes (based on GMT+3).
[April 3] Trump tariff implementation pushes towards breaking below 147 yen
Looking at the 1-hour chart of the USDJPY (as of GMT 04:30 on April 3), the downward trend is continuing, with the next target likely to be the March 11 low of 146.51 yen.
[Updated on April 17]Notice of Change To Trading Hours in April 2025
The following is a list of instruments whose trading hours will change between April 4, 2025, and April 29, 2025, due to public holidays (Final).
[April 2] Market cautious ahead of mutual tariff implementation
Today the USDJPY continued its upward trend from yesterday, but after reaching a high of 149.95 yen shortly after GMT 02:00, it was pushed back and is trading in the 149.7-yen range as of GMT 04:00. Caution is increasing regarding the mutual tariffs set to take effect today.
[April 1] Caution about mutual tariffs pauses, USDJPY fails to clearly break above 150 yen and loses momentum
Today the USDJPY reached a high of 150.14 yen shortly after GMT 00:00 before retreating, and as of GMT 04:00 it is trading in the 149.5-yen range. Looking at the 1-hour chart of the USDJPY (as of GMT 04:20 on April 1), it bounced back from yesterday's high of 150.26 yen and is testing support around 149.40 yen. If it cannot rebound from this level, a continuation of the downward trend may be anticipated.
[March 31] Nikkei average down 1,300 yen as Trump hints at further tariff strengthening, tariff risk may continue
Today the USDJPY is experiencing risk-averse yen appreciation in response to reports that President Trump is considering higher tariffs on a wider range of countries. It bottomed out at a low of 148.72 yen shortly after GMT 02:30, and as of GMT 04:00, it is gradually rising in the 148.9-yen range.
