USD/JPY forecasts change all the time, affected by news events and relative sentiment towards the US and Japanese economies and this exchange rate is even more volatile than usual because of the uncertainties around the Coranavirus pandemic.
Continued market volatility could support a lower USDJPY in October and the expectation that potential Prime Minister Kishida will maintain current monetary policy could also pressure the yen lower.
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OFX see the JPY pivoting around the 109/110 to $1USD levels, until we see a sustained spike in volatility or the confirmation of a change in risk sentiment, which will test again the safe-haven status of the Yen.
July 2nd – USD/JPY rose above 111¥ – its highest level in over two years.
Being a safe-haven currency JPY always enjoys a drop when risk sentiment improves, which typically means losses for JPY against other major currencies. JPY Outlook
The USD to JPY currency pair generally goes up whenever there is overall Dollar strength and market’s in a risk-on stance.
The foreign exchange market convention for USD/JPY is to quote Japanese yen as Yen per US dollar. Thus a higher USD/JPY rate actually means one yen is worth less, that is you can buy more yen for 1 USD.
You can read about other USD exchange rate forecasts here US Dollar Trends and Forecasts for 2021.
Disclaimer: Please note any provider recommendations, currency forecasts or any opinions of our authors should not be taken as a reference to buy or sell any financial product.