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USD/JPY Uptick Puts Pair Back into Intervention Territory

FOREX
  • JPY is among the weakest currencies in G10 early Monday, putting USD/JPY back toward recent highs and within range of the previous levels at which Japan's Ministry of Finance intervened in the currency to stem the pair's incline.
  • There have been no major statements or indications from Japanese authorities of further action, but expectations will certainly grow should the pair creep higher. Overnight highs at 145.30 mark first resistance ahead of 145.90 - the cycle high - further out.
  • Equities are lower across Europe, marking a sour start to the last quarter of the year, but growth proxies and high beta currencies are outperforming, putting AUD and NZD at the top of the G10 pile. Moves come ahead of tomorrow's RBA rate decision, at which the bank are seen raising rates by a further 50bps to 2.85%.
  • Focus turns to the ISM Manufacturing data due later today, with particular attention likely to be paid to the employment subcomponent ahead of Friday's nonfarm payrolls release.
  • Central bank speakers due today include Fed's Bostic & Williams and BoE's Mann.
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