On Monday, the US dollar made gains against the Japanese yen, reaching 152.00 after some recovery from losses incurred last week. However, during the European trading session, it couldn’t hold above the prior support level of 152.35.
This decline in the yen’s value is linked to ongoing political instability in Japan. Over the weekend, Komeito announced its exit from the coalition with the Liberal Democratic Party, as conflicts with the party’s new leader, Sanae Takaichi, deepen the political turmoil.
Technical analysis: Rejection at 157.35 could trigger a deeper correction
Looking at the 4-hour chart, it’s evident that while the Relative Strength Index (RSI) remains above the neutral 50 mark, the bullish momentum appears to be slowing down. Should the upward movement fail to surpass 152.35, there may be a chance for a retreat back to the day’s lows around 151.70.
If the downtrend continues, traders could focus on Friday’s low of 151.10 as a significant target, with the AB=CD correction pattern suggesting a potential dropping point near the October 7 low of 150.30.
On the other hand, if prices break above 152.35, it would bring a shift in momentum, allowing for movement toward the high from October 9, just over 153.20. Should this level be overcome, the next target could be the 127.2 Fibonacci retracement level from Friday’s drop at 183.85.
Today’s Japanese yen price
Below are the percentage changes for the Japanese Yen (JPY) compared to major currencies for today. The yen showed the strongest performance against the New Zealand dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.22% | 0.10% | 0.14% | 0.05% | -0.18% | 0.18% | 0.26% | |
| EUR | -0.22% | -0.12% | -0.04% | -0.19% | -0.32% | -0.03% | 0.03% | |
| GBP | -0.10% | 0.12% | 0.14% | -0.06% | -0.22% | 0.08% | 0.13% | |
| JPY | -0.14% | 0.04% | -0.14% | -0.16% | -0.38% | 0.07% | 0.07% | |
| CAD | -0.05% | 0.19% | 0.06% | 0.16% | -0.27% | 0.15% | 0.19% | |
| AUD | 0.18% | 0.32% | 0.22% | 0.38% | 0.27% | 0.30% | 0.34% | |
| NZD | -0.18% | 0.03% | -0.08% | -0.07% | -0.15% | -0.30% | 0.04% | |
| CHF | -0.26% | -0.03% | -0.13% | -0.07% | -0.19% | -0.34% | -0.04% |
The heat map below displays the percentage changes between major currencies. The base currency is selected from the left column, while the quote currency is from the top row. For instance, selecting Japanese Yen from the left and moving along to USD gives the percentage change within that box, showing JPY (base) against USD (estimate).
