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11 Apr 2025

USD/JPY drops to seven-month lows near 142.00

  • USD/JPY adds to Thursday drop, challenges the 142.00 region.
  • The US Dollar loses further ground on tariff fears, recession jitters.
  • US Producer Prices came in below expectations in March.

Safe-haven inflows prop up the Japanese yen

USD/JPY adds to the pessimism seen in the latter part of the week and recedes to the 142.00 region on Friday, an area last seen in late September.

The continuation of the noticeable appreciation of the Japanese currency put the pair under extra downside pressure, always on the back of heightened concerns surrounding the US-China trade scenario.

On the latter, China announced 125% levies on US imports, counterbalancing Trump’s recently announced 145% tariffs on the country.

What’s next

Later in the day, the flash Michigan Consumer Sentiment should keep the attention on the US economy.

The day so far

US Producer Prices came in below estimates in March at 2.7% from a year earlier, while contracting 0.4% vs. the previous month.

Key levels to keep in mind

USD/JPY faces its next support at its 2025 bottom of 142.04 (April 11), seconded by the weekly trough at 141.64 (September 30) and the 2024 floor at 139.57 (September 16).

In case of occasional bullish attempts, the initial resistance lies at the weekly high at 148.28 (April 9), ahead of the 200-day SMA at 150.94 and the weekly peak of 151.20 (March 28).

Furthermore, the pair is flirting with the oversold region around the 30 threshold, suggesting that near-term technical rebound should not be ruled out.

USD/JPY daily chart

Apr 11, 2025

CAD grinds higher versus a weaker USD – Scotiabank

The Canadian Dollar (CAD) is getting pulled along with the broader sell-off in the USD and is notching up another decent weekly gain—its fourth on the trot and the largest since late 2022.
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Apr 11, 2025

EUR surges to 1.14 before consolidating – Scotiabank

The Euro (EUR) tested the upper 1.08s Monday and traded to a three-year high above 1.14 earlier. It is notable that the EUR surge is happening against a backdrop of widening EZ/US spreads which would ordinarily be a negative factor for the EUR, Scotiabank's Chief FX Strategist Shaun Osborne notes.
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