USDJPY stuck in volatile range as risk sentiment whipsaws markets | Forexlive

The USDJPY has mirrored the whipsawing moves in U.S. stocks and bond yields this week, driven largely by shifting risk sentiment and geopolitical headlines. On Wednesday, the pair spiked higher following the Trump tariff postponement and a bounce in equity markets. However, gains stalled near the 148.11 swing area and briefly breached it before quickly retreating.

That high also fell short of the key 100/200 bar moving average cluster between 148.65 and 148.75. Holding below that zone keeps sellers in control from a technical standpoint.

Today, as stocks sharply reversed lower and Treasury yields dropped, USDJPY continued its decline. Major U.S. indices are sharply lower — the Dow is down 520 points, the S&P 94 points, and the Nasdaq off 400 points. Yields are also falling, with the 10-year down 8 basis points and the 2-year off nearly 7 bps in early trade.

Technically, the pair has broken below a key support zone between 147.20 and 147.33, and more recently, a closer swing level at 146.53. Those levels would need to be recaptured to tilt short-term control back toward buyers.

On the downside, there’s little technical support until the 144.45–144.56 zone, followed by the weekly low at 143.99 (effectively 144.00). Despite large moves, the price action remains choppy and headline-driven. Still, sellers maintain the upper hand as long as price holds below the converging moving averages. A break below 144.45 would increase the bearish bias significantly.