This Week's Market Strategy - April 15, 2025 (Tuesday)

USD/JPY continues to be swayed by TRUMP's remarks regarding tariffs in the absence of US economic data releases.

In the bond market, which has been tossed around by President Trump's moves on reciprocal tariffs, when Fed Governor Waller's remarks about the possibility of implementing rate cuts were reported, USD/JPY's upside became heavy. The US economic indicator to watch today is the April New York Fed Manufacturing Business Conditions Index.

We should continue to closely monitor policy developments under the Trump administration.

Additionally, since Easter holidays begin from Friday this week, the market will be decided by Thursday.

Support around 142.70 in USD/JPY is likely to be noted.

However, since resistance around 144.20 does not appear likely to be broken yet, it is thought that the pair will move within the 142.7-144.2 range.

Given the downward trend, sell-on-rally trading is the standard approach, but short-term long trades with stop losses in place would also be feasible, and would work if kept as short-term trades.