USDJPY: SELL 146.65, SL 147.45, TP 145.55 | 02 September 2025

USDJPY:

The Japanese yen (JPY) is struggling to capitalize on its modest gains during the Asian session and remains below the 147.00 mark at the start of the new week. Geopolitical risks associated with Russia's large-scale attack on Ukraine and the escalation of the conflict between Israel and Hamas may provide some support for the yen as a safe-haven currency. In addition, growing recognition that the Bank of Japan (BoJ) will soon raise interest rates is further helping to limit deeper losses for the yen.

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Meanwhile, expectations of a hawkish BoJ policy are at odds with growing bets that the Federal Reserve (Fed) will cut borrowing costs twice before the end of 2025. This may deter USD bulls from aggressive bets and limit the upside for the USD/JPY pair. Traders may also refrain from aggressive directional bets and prefer to wait for US macroeconomic data to be released at the beginning of the new month, which requires caution from yen bears.

Trade recommendation: SELL 146.65, SL 147.45, TP 145.55

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