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USD/JPY Erases Earlier Move Lower As FinMin Suzuki Speaks

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  • USD/JPY sold off as Monetary base data was released, showing a decline to 1.6% y/y from 2.4% y/y previously. The pair hit a low of 151.51, however has recovered that entire move to now trade slightly higher for the day at 151.66, the recovery looks to be on the back of Japan FinMin's comments
  • looking at technicals: MA studies remain in a bull-mode position and this continues to highlight a clear uptrend. Sights are on 151.97 (Mar 27 high), while a move above here could see a test of 152.66 (1.236 proj of the Feb 1 - 13 - Mar 8 price swing), to the downside 150.13/149.13 (20- and 50-day EMAs)
  • (Bloomberg) -- Japan Intervention Would Target Five-Yen Rally, Strategists Say (See link)
  • Japan's Finance Minister Suzuki emphasizes that foreign exchange rates are influenced by multiple factors beyond just monetary policy and should reflect economic fundamentals for stability. He expresses concern over excessive currency movements and states that appropriate actions will be taken if they occur, without ruling out any options. However, he declines to comment on the possibility of foreign exchange intervention.
  • Former Bank of Japan Governor Haruhiko Kuroda, spoke at Columbia University where he expressed concern over the recent excessive weakness of the yen against the dollar, hinting at the possibility of Japanese government intervention in the forex market. He also noted that while the yen's trend may strengthen in the mid-to-long term as the rate differential between Japan and the US narrows, he welcomed the BOJ's March decision as a step toward normalization.
  • Looking ahead: Jibun Bank Japan PMI data is expected on Wednesday
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  • USD/JPY sold off as Monetary base data was released, showing a decline to 1.6% y/y from 2.4% y/y previously. The pair hit a low of 151.51, however has recovered that entire move to now trade slightly higher for the day at 151.66, the recovery looks to be on the back of Japan FinMin's comments
  • looking at technicals: MA studies remain in a bull-mode position and this continues to highlight a clear uptrend. Sights are on 151.97 (Mar 27 high), while a move above here could see a test of 152.66 (1.236 proj of the Feb 1 - 13 - Mar 8 price swing), to the downside 150.13/149.13 (20- and 50-day EMAs)
  • (Bloomberg) -- Japan Intervention Would Target Five-Yen Rally, Strategists Say (See link)
  • Japan's Finance Minister Suzuki emphasizes that foreign exchange rates are influenced by multiple factors beyond just monetary policy and should reflect economic fundamentals for stability. He expresses concern over excessive currency movements and states that appropriate actions will be taken if they occur, without ruling out any options. However, he declines to comment on the possibility of foreign exchange intervention.
  • Former Bank of Japan Governor Haruhiko Kuroda, spoke at Columbia University where he expressed concern over the recent excessive weakness of the yen against the dollar, hinting at the possibility of Japanese government intervention in the forex market. He also noted that while the yen's trend may strengthen in the mid-to-long term as the rate differential between Japan and the US narrows, he welcomed the BOJ's March decision as a step toward normalization.
  • Looking ahead: Jibun Bank Japan PMI data is expected on Wednesday