Core Viewpoint - The USD/JPY exchange rate is experiencing a range-bound movement due to seasonal factors and market conditions, with support from Japanese importers limiting further strengthening of the yen [1][2]. Group 1: Market Conditions - As of August 11, the USD/JPY is trading around 147.57, down 0.10% from the previous close of 147.72 [1]. - The market's trading interest has decreased due to the summer off-season and the upcoming Japanese Obon holiday [1]. - The current yield spread between Japanese and U.S. two-year bonds is approximately 294 basis points, while the ten-year spread is about 275 basis points, indicating a narrowing trend [1]. Group 2: Technical Analysis - The USD/JPY has shown resilience below the 50% Fibonacci retracement level since the low in July, suggesting caution for bearish positions [2]. - The daily chart indicates neutral oscillators, with potential resistance at the 147.75 area (38.2% Fibonacci retracement) and the psychological level of 148.00 [2]. - A breakout above 148.00 would suggest a short-term bottom has formed, shifting market sentiment towards bullish [2].
受日本进口商买盘托底 日元或难破146关键位
Jin Tou Wang·2025-08-11 03:29