Weekly Market Strategy - February 3, 2026 (Tue)
USD/JPY has been rising as the dollar strengthens amid increases in long-term interest rates, supported by strong ISM readings in the released US economic indicators, and has also weakened in yen following Prime Minister Takagi's remarks that were interpreted as yen-depreciation friendly.
The lower house election is this weekend, and if the Liberal Democratic Party wins, we should pay attention to whether USD/JPY, which fell over 7 yen the other day, will again move back toward yen weakness.
There are no significant US economic data releases today, so market attention is likely focused on the December employment statistics that will be released at the end of the week.
From a technical perspective, USD/JPY's support level is around 154.50, and the resistance level is at the key level of 156.00.
From a short-term perspective, if the price does not fall below 155.40, we would like to take a long position when it exceeds 154.80.
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