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USD/JPY Holding Above 150.00, Post Late Surge In Wednesday NY Trade

JPY

USD/JPY broke higher in late NY trade on Wednesday. The pair got to fresh highs above 150.30. We sit slightly lower in latest dealings, near 150.15. Yen lost ~0.20% for Wednesday's session, amid broad USD gains. The BBDXY rose 0.32%, with yen outperforming commodity FX, particularly NZD and AUD.

  • Focus for markets is likely to be on intervention risks now that the 150.00 level has been breached in USD/JPY. The 20-day EMA sits back at 149.28, but key support is seen at 147.43, the October 3 low. On the upside, 150.40 remains a Fibonacci projection, while 151.95 is the October 2022 high.
  • US yields rose strongly, the 10yr up to 4.95%, +13bps, with the 5.00% resistance level in sight. These moves underpinned broader USD gains.
  • Equity sentiment was also weaker though, which likely helped yen against higher beta crosses. Sentiment soured on a Israeli Prime Minister Benjamin Netanyahu headline "we are preparing for a ground invasion [of Gaza]" (Rtrs).
  • AUD/JPY is back in the 94.70/75 region, after getting close to 96.00 yesterday post the AU CPI beat.
  • On the data front today we have PPI services for September, along with weekly investment flow data.
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