USDJPY InsightHello to all our subscribers!
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Key Points
- U.S. President Trump stated that he is considering ways to support car manufacturers, noting that these companies are shifting parts production from countries like Canada and Mexico to the U.S., and that this transition will take time.
- Amid concerns that Trump’s tariff policies and the resulting trade war could harm the global economy, hedge funds and asset managers have been increasing their yen long positions.
- Bank of Japan Governor Kazuo Ueda remarked that uncertainties surrounding domestic and global economies and prices have significantly increased. The market expects that the BOJ will not raise interest rates in its upcoming meeting on May 1.
Key Economic Events This Week
+ April 16: U.K. March CPI, Eurozone March CPI, U.S. March Retail Sales, Bank of Canada (BOC) rate decision
+ April 17: European Central Bank (ECB) rate decision, Speech by Fed Chair Jerome Powell
+ April 18: Easter
USDJPY Chart Analysis
As previously anticipated, USDJPY appears to have formed a bottom around the 142 level and is now attempting to rebound from that support zone. The current upward movement is expected to peak near the 146 level. After that, it is likely to turn downward again and form a new low around the 140–141 range. However, if the price breaks above the 146 level during this rally, there is a possibility it could rise further to the 151 level, which is worth noting.
