USD/JPY maintained its decline near 160.50 during the European session on Thursday, eroding some of Wednesday's surge. The pair was dragged down by widespread risk aversion and Japan's verbal intervention, supporting the Japanese Yen. The focus now is on potential foreign exchange intervention and US data.
The Japanese yen (JPY) weakened again on Wednesday in a nearly 10-day losing streak with only one interruption in its advance. Traders are dipping their toes in the water to see if Japan's Ministry of Finance will intervene in the foreign exchange market. Meanwhile, the Bank of Japan is still unclear when, how and whether it will cut its debt purchase program.
The USD/JPY pair is flashing a red warning light when the price action gets too hot. The best evidence is the Relative Strength Index (RSI), which is close to overbought conditions on the daily chart, while the 160.00 magic level, where Japanese authorities last intervened, is very close. Don't expect an immediate knee-jerk reaction, as authorities will want to see whether US data on Thursday and Friday can trigger some easing without having to stick their necks out to intervene. Are not.
The Japanese yen (JPY) weakened again on Wednesday in a nearly 10-day losing streak with only one interruption in its advance. Traders are dipping their toes in the water to see if Japan's Ministry of Finance will intervene in the foreign exchange market. Meanwhile, the Bank of Japan is still unclear when, how and whether it will cut its debt purchase program.
The USD/JPY pair is flashing a red warning light when the price action gets too hot. The best evidence is the Relative Strength Index (RSI), which is close to overbought conditions on the daily chart, while the 160.00 magic level, where Japanese authorities last intervened, is very close. Don't expect an immediate knee-jerk reaction, as authorities will want to see whether US data on Thursday and Friday can trigger some easing without having to stick their necks out to intervene. Are not.
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Japanese Yen gets to keep Friday's gains after US PCE
The Japanese Yen started Friday with a fresh multi-decade low print. Some quick profit taking is happening ahead of the US session and before the weekend. The US Dollar Index hovers around 106.00 again ahead of PCE inflation release.
The Japanese Yen started Friday with a fresh multi-decade low print. Some quick profit taking is happening ahead of the US session and before the weekend. The US Dollar Index hovers around 106.00 again ahead of PCE inflation release.
USD/JPY is trading below 161.00, having stalled its uptrend to a fresh 38-year high of 161.28 after Japanese Finance Minister Suzuki issued warnings on a probable FX intervention. Markets stay cautious amid intervention risks and ahead of the US PCE inflation data.