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USDJPY Breaches 155.00, Registers Fresh 34 Year High

JPY
  • USDJPY sprung to life approaching the US data, breaching the 155.00 handle for the first time since 1990. Stops may have been triggered through this mark, prompting a fresh cycle high of 155.17.
  • Despite the level breach, and trend conditions remaining firmly bullish, the pair had an immediate & sharp 35 pip turnaround to print 154.81 before the durable goods data release. This emphasises the ongoing caution for traders, as intervention risks inevitably mount.
  • Indeed, overnight one of the country’s former top currency officials said Japan is on the brink of currency intervention if the yen weakens any further, adding to headlines on Tuesday from a Nikkei article that the Bank of Japan are to discuss the impact of the yen's rapid slide at this week's policy meeting.
  • As a reminder, our full preview of this week’s BOJ meeting is here.
  • As noted for USDJPY, 155.29, a Fibonacci projection level, has capped the topside. On the downside, support lies much lower at 153.13, the 20-day EMA.
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