Beginning of a new year is dominated by risk-on moods on the global stock markets. Indices from Europe and the United States are showing solid gains for the second straight day. Improved moods and increased risk appetite are having a negative impact on the Japanese yen, a traditional safe haven currency. Meanwhile, the jump in US yields is supporting the US dollar. As a result a strong upward move on the USDJPY can be spotted today.
Taking a look at the USDJPY chart, we can see that the pair has managed to break above the upper limit of the short-term trading channel and jumped above the 116.00 area today. The pair is trading at the highest level since late-2016. The 127.2% exterior retracement of a late-November correction is being tested at press time. In case of a break above it, upward move may extend towards the next resistance marked with 161.8% exterior retracement at around 117.36. The pair may become somewhat more active near 3:00 pm GMT when the US ISM manufacturing index for December is released.
Source: xStation5
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