On Wednesday (January 4th), the Asian market was in early trading, and the USD/JPY position oscillated. Currently, it is trading around 76.70. The exchange rate is below the 10-day moving average and short-term indicators are bearish.

Junya Tanase, chief currency strategist at JPMorgan in Tokyo, said on Wednesday that if the current risk trading continues for less than a week, USD/JPY may fall below 76.00.

Tanase said, “If the risk trading continues, USD/JPY will test 76.30 and 76.00 in succession and it will not be surprising.”

Tanase added that due to the U.S. Treasury’s criticism of the Japanese government’s intervention in the exchange rate in recent months, it is difficult for the Japanese authorities to carry out large-scale foreign exchange interventions.

He also pointed out that as the U.S. Congress approved the extension of the existing payroll tax reduction plan for two months, the market’s attitude toward the U.S. economy has improved. If Friday's forthcoming economic data is stronger than expected, including non-farm payrolls data for December, market risk trading will expand.

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