Market Participants May Wait and See Regarding the Upside Potential for USD/JPY as Resistance Grows Heavier
10.03.2026
- U.S. 3-Year Treasury Auction
- France: Trade Balance
In the U.S. currency market the previous day, the U.S. dollar fell against the yen. The USD/JPY pair fell from 158.898 to 157.621. On the hourly chart, the price moved from above the 20-period moving average (MA) to below it.On the 4-hour chart, the price rebounded after touching the +3σ line of the Bollinger Bands. On the daily chart, the price surged sharply, approaching its year-to-date high, before pulling back after setting a new monthly high. The +2σ line of the Bollinger Bands acted as resistance.Meanwhile, on the weekly chart, the RSI is rebounding from 47 to 59, so it remains to be seen whether the US dollar’s pullback will continue.
Among European currencies, the Swiss franc was the weakest toward the end of the U.S. trading session.The CHF/JPY pair traded between 202.581 and 203.724, fluctuating throughout the session around the 20-period moving average (MA) on the hourly chart. On the 4-hour chart, price action was similarly seen fluctuating around the 20-period MA, while on the daily chart, the pair retreated after testing its all-time high once again.
Today’s economic indicators include the Australian Westpac Consumer Confidence Index at 8:30, Japan’s Q4 GDP and GDP deflator at 8:50, the Australian NAB Business Confidence Index at 9:30, Japan’s machine tool orders at 15:00, and Germany’strade balance, at 16:45 the French trade balance and current account balance, at 19:00 the U.S. NFIB Small Business Optimism Index, at 23:00 U.S. existing home sales, and at 26:00 a U.S. 3-year Treasury auction.We intend to cautiously monitor the USD/JPY pair for any potential recovery, as resistance has strengthened.
Author: Keisuke Sakurai
