Market Analysis
USD/JPY midweek: holding 160.36 with quiet calendar ahead, 2026-06-08
USD/JPY trades 28 pips higher from Monday's open at 160.362, with positioning balanced and no major events Thursday or Friday.
2 min leesCable closed Wednesday at 1.3394, up 59 pips from Monday's 1.3335 open. The pair has traded between 1.3306 and 1.3410 so far this week, with Wednesday marking the highest close of the three sessions.
Sterling pushed higher Monday and Tuesday as broad dollar weakness took hold across major pairs. The move accelerated Tuesday when cable jumped from 1.3333 to 1.3371, testing 1.3410 before settling back. Wednesday saw consolidation near the highs with price holding above 1.3368 throughout the session.
Thursday and Friday bring a quiet calendar with no major UK or US releases scheduled in the bundle. Without high-impact data to drive direction, cable may continue ranging between this week's established boundaries. If buyers defend 1.3394, the Tuesday high at 1.3410 comes back into view. If sellers regain control, Monday's 1.3306 low offers the next test.
Traders are split almost perfectly down the middle, with 50.2% holding long positions and 49.8% short as of Wednesday morning. This near-perfect balance reflects uncertainty about sterling's next move. Such tight positioning often resolves with a decisive break once one side gains conviction.
Cable sits just below the round 1.3400 level after failing to hold above it on Tuesday. If price can reclaim and hold 1.3400, the week's high at 1.3410 becomes the next obvious level. Below current levels, 1.3350 stands as the halfway point between Monday's low and Tuesday's high.
Byline: LHFX Research
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