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Persistent Greenback Bid Sees USDJPY Narrow In On 150.00

JPY
  • The persistent greenback bid throughout the session has tilted the USD index back into minor positive territory on the week and has seen USDJPY narrow the gap once more to 150.00.
  • Japanese authorities refrained last week from disclosing whether they had intervened to support the yen last week and stressed their resolve to act against excess volatility, keeping markets on alert for the chance of yen-buying intervention. These comments were reiterated earlier today by a senior MOF official who reaffirmed that FX volatility is problematic and that currency adjustments must reflect fundamentals.
  • Previously some sell-side institutions had touted 150.00 as the potential level where the MOF/BOJ might act.
  • USDJPY’s recovery from last Tuesday’s low at 147.43 is a bullish technical development and - for now - the uptrend remains in play. A clear break of the 150.00 handle would reinforce bullish conditions. The bull trigger is 150.16, the Oct 3 high and a break would initially open 150.40 and 151.09, both Fibonacci projections.
  • On the downside, clearance of 147.43 would be a bearish development and signal scope for a deeper retracement.
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