On Monday, 7 September, dollar/yen was expected to trade in a ¥153.5–¥155.3 range. It temporarily fell to around ¥154.05, reaching its lowest level in about six months. The focus is on whether it will break below ¥155 on its third attempt.
The report explains movements in major currency pairs, centered on dollar/yen, and provides an outlook for Monday, 7 September. Dollar/yen’s widely watched range is expected to be ¥153.500 to ¥155.300, with movements in other currency pairs also presented.
Dollar/yen closed yesterday’s trading at around ¥154.37. Having fallen below the ¥155 level, it may be entering a phase of correction in yen weakness, analysts say. However, given the impact of thin holiday trading, future price movements are expected to depend on the participation of New York market participants.
Economic indicators and speeches scheduled in various countries for 8 September are listed as today’s key economic data and events, indicating that market participants will continue monitoring the yen and the dollar.
The outlook for dollar/yen is expected to depend on developments in the New York market, with background factors including expectations for a Bank of Japan rate hike also in play. The focus for future price movements is expected to shift to dollar/yen’s performance when New York market participants return to the market.