USD/JPY remained in the upper ¥157 range this morning, with no decisive catalyst despite market attention to developments involving the US, China and the Middle East. The forecast range for the morning is ¥157.500–158.900.
USD/JPY fell approximately 0.2% on a closing-price basis yesterday, with dollar selling taking the lead after reports that crude oil prices had plunged on news related to talks between the US and Iran on ending the war. The decline later narrowed after it was reported that claims of an imminent agreement between the US and Iran were false.
No major US economic indicators are scheduled for release today, and price movements are expected to be guided by developments in the Middle East and Ukraine, as well as political uncertainty in France. With next week's Federal Open Market Committee meeting and Bank of Japan monetary policy meeting ahead, a breakout from the range appears unlikely.
The 200-day moving average was around ¥158.57 at the time of writing, making the upside more likely to be capped, while buying support is expected if the pair dips into the ¥157 range. The latest USD/JPY chart and the full report are available in the Gaitame.com report.