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Sep 22 - 08:55 PM

USD/JPY - Cautious Start With Traders On Intervention Watch

By Krishna K  —  Sep 22 - 07:15 PM
  • USD/JPY in a cautious start after a wild and wide range of 145.90-140.31 Thu

  • Traders on intervention watch after Japan's 1st FX intervention since 1998

  • USD rallies back from the day's low as UST yields rise to multi-year highs

  • Higher US yields support; 10-yr yield up 18 bps to 11-yr high on hawkish Fed

  • BOJ sticks to ultra-low rates, defying global rate hike rush, undermines JPY

  • Traders doubt if Japan intervention will work as it is not coordinated

  • But significant unilateral intervention over period of time can be effective

  • Race to rein in strong dollar is on after Japan intervenes nL8N30T4WV

  • Support 141.90-142.00, 141.40-50, resistance 143.10, 143.40-50

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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