This Week's Market Strategy - July 23, 2025 (Wed)
USD/JPY declined to the lower 146 yen level as adjustive selling dominated following weak US long-term interest rates, as the Liberal Democratic Party's major defeat in Japan's Upper House election was as expected.
Following news reports of 15% US-Japan tariffs with President Trump, the Nikkei futures rose.
Today's US economic indicators focus on June used housing sales and the 20-year Treasury bond auction, and we should continue to remain cautious of any sudden statements from President Trump.
Tomorrow, attention should be paid to the ECB Monetary Policy Governing Council meeting.
As expected, interest rates will remain unchanged for the first time in a while, but during President Lagarde's press conference, attention should be focused on her responses to questions regarding Trump's tariffs.
Technically, USD/JPY's support target is 146.18 yen and resistance target is the key level of 147.00 yen today.
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