USD/JPY makes new high above 138.00
USD/JPY has rallied to new highs on the year as the US dollar resurgence continues to eat away at gains made by not only Japanese yen but also Australian dollar and euro in 2023. USD/JPY traded comfortably above 138.00 on Thursday, May 18th, while EUR/USD traded below 1.0800.
USD/JPY trading range
In 2023, USD/JPY has held within a trading range of 125.00 to 140.00, however, the forex pair is as close to the upside of that range as it has been at any point year-to-date.
Daily USD/JPY prices
Brief history of USD/JPY
While USD/JPY has not been double digits in nearly a decade, the major forex pair traded all the way down below 80.00 as recently as 2012. Prior to 2022, USD/JPY hadn't spent a single day above 140.00 in more than the last twenty years of trading. Not to mention that the highs above 150.00 were the pair's highest values since 1990.
Monthly USD/JPY prices
The Japanese economy has continued to underperform that of the US by most major metrics such as GDP and inflation causing interest rates to be much greater from the US Federal Reserve than the Bank of Japan. Higher interest rates and greater relative economic performance have created a resurgence of demand for USD, and JPY has been one of the most vulnerable of the major currencies with its still-negative interest rates and lack of economic spark.
How to trade USD/JPY
- Open an account to get started, or practice on a demo account
- Choose your forex trading platform
- Open, monitor, and close positions on USD/JPY
Trading forex requires an account with a forex provider like tastyfx. USD/JPY can be found in tastyfx's platform under the 'Major' pairs tab. Many traders also watch major forex pairs like GBP/USD and AUD/USD for potential opportunities based on economic events such as inflation releases or interest rate decisions. Economic events can produce more volatility for forex pairs, which can mean greater potential profits and losses as risks can increase at these times.
You can help develop your forex trading strategies using resources like tastyfx’s YouTube channel. Once your strategy is developed, you can follow the above steps to opening an account and getting started trading forex.
Your profit or loss is calculated according to your full position size. Leverage will magnify both your profits and losses. It’s important to manage your risks carefully as losses can exceed your deposit. Ensure you understand the risks and benefits associated with trading leveraged products before you start trading with them. Trade using money you’re comfortable losing.
This information has been prepared by tastyfx, a trading name of tastyfx LLC. This material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. You should not treat any opinion expressed in this material as a specific inducement to make any investment or follow any strategy, but only as an expression of opinion. This material does not consider your investment objectives, financial situation or needs and is not intended as recommendations appropriate for you. No representation or warranty is given as to the accuracy or completeness of the above information. tastyfx accepts no responsibility for any use that may be made of these comments and for any consequences that result. See our Summary Conflicts Policy, available on our website.
