USDJPY: SELL 148.00, SL 148.80, TP 147.00 | 05 September 2025

Event to pay attention to today:

04.09 15:15 EET. USD - ADP Non-Farm Employment Change

04.09 15:30 EET. USD - Unemployment Claims

04.09 17:00 EET. USD - ISM Services PMI

USDJPY:

The Japanese yen (JPY) is struggling to capitalize on its recovery from a one-month low against the US dollar reached yesterday, fluctuating within a narrow range during Thursday's Asian session. Market participants remain divided on the likely timing and pace of interest rate hikes by the Bank of Japan (BoJ) amid uncertainty over tariffs. In addition, the recent rise in global bond yields has once again shifted attention to the growth of debt levels in major economies, including Japan, which, along with uncertainty in domestic politics, is holding back yen bulls from aggressive bets.

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Furthermore, stable stock market dynamics are seen as another factor holding back demand for the Japanese yen as a safe haven. Meanwhile, expectations of further wage growth amid labor shortages, which in turn could fuel demand-driven inflation, leave open the possibility of further monetary tightening by the Bank of Japan. In contrast, the US Federal Reserve (Fed) is widely expected to cut borrowing costs later this month, and these rates were confirmed by softer US JOLTS job openings data released on Wednesday. This is keeping US dollar (USD) bulls on the defensive and may continue to support the yen.

Trade recommendation: SELL 148.00, SL 148.80, TP 147.00

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