The Japanese yen came flying out of the gates on Monday. In the European session, USD/JPY is trading at 141.00, down 0.79%. Earlier the yen strengthened to 140.47, its strongest level since Sep. 2024.
/*
Requesting advertisement by calling an endpoint assures that
the advertisement is never cached together with the page.
yOah9 – is a forced measure to prevent JS function from
being overwritten.
*/
function load_advertisement_yOah9(){
let adSlot = document.getElementById(‘ad-slot-container-yOah9’);
fetch(‘/load-advertisement/26/?is_sidebar=False’)
.then(response => response.text())
.then(html => {
adSlot.outerHTML = html;
})
.catch(error => {
console.error(‘Error fetching the template:’, error);
});
}
load_advertisement_yOah9();
US dollar retreats as Trump pushes against Powell
The US dollar has posted losses against the major currencies on Monday, including against the yen. Investors gave the US dollar a thumbs down after President Trump’s top economic advisor said that Trump was considering the dismissal of Fed Chair Jerome Powell.
Trump has been increasingly critical of Powell for not lowering interest rates and said last week that “Powell’s termination cannot come fast enough”. Trump fired his latest salvo after Powell said that US tariffs would raise inflation and that the Fed could find itself having to balance keeping a lid on inflation and supporting economic growth. Powell added that tariffs are “likely to move us further away from our goals”.
Powell has insisted that he isn’t going anywhere and will serve until the end of his term in May 2026. Can Trump legally fire Powell? That is a complicated legal question, but the markets aren’t waiting for an answer and the US dollar has retreated.
Trump’s attacks on Powell threaten the independence of the US central bank and is eroding confidence in the US dollar. The dollar is also under pressure from Trump’s tariff policy, which has dampened the confidence of foreign investors.
/*
Requesting advertisement by calling an endpoint assures that
the advertisement is never cached together with the page.
2CBqh – is a forced measure to prevent JS function from
being overwritten.
*/
function load_advertisement_2CBqh(){
let adSlot = document.getElementById(‘ad-slot-container-2CBqh’);
fetch(‘/load-advertisement/30/?is_sidebar=False’)
.then(response => response.text())
.then(html => {
adSlot.outerHTML = html;
})
.catch(error => {
console.error(‘Error fetching the template:’, error);
});
}
load_advertisement_2CBqh();
USD/JPY Technical
- USD/JPY has pushed below support at 141.16. Below, there is support at 140.14.
- There is resistance at 142.62 and 143.64
const imageElement = document.getElementById(‘pinch-to-zoom-img-7293’);
if (imageElement) {
panzoom(imageElement, {
maxZoom: 4.0,
minZoom: 0.5,
contain: ‘outside’,
});
}
}, 100);
}
}
}”
x-init=”$watch(‘imgModal’, value => initPanzoom())”
class=”flex “>
USDJPY 1-Day Chart, April 21, 2025
Opinions are the authors’; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors.
If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.
Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.
© {CURRENT_YEAR} OANDA Business Information & Services Inc.
