USDJPY - 31 Jan - entry BUY zone support

USDJPY trend forecast January 31, 2025

US economic data put pressure on the Greenback, as fourth-quarter 2024 Gross Domestic Product (GDP) growth slowed from 3.1% to 2.3%, falling short of market expectations of 2.6%. Additionally, the US Department of Labor reported that Jobless Claims for the week ending January 25 rose by 207K, coming in below the projected 220K and the previous week's 223K.

Following the data release, USD/JPY extended its decline to 153.83 before buyers pushed it back above the 154.00 level.

Meanwhile, the Japanese Yen strengthened further as the policy divergence between the Bank of Japan (BoJ) and the Federal Reserve supported the Yen’s appreciation. With signs of a faster-than-expected economic slowdown in the US, further downside for USD/JPY remains a possibility.

The decline slowed down at the end of the week - strong support at 153,900 will support the price to go up in the short term

/// BUY USDJPY : zone 153.900 - 153.700

SL: 153.400

TP: 40 - 70 - 150pips ( 155.200 )

Safe and profitable trading