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Apr 29 - 05:55 PM

USD/JPY - Wild 160.245-154.40 Range Capped By 1990'S High, Likely Intervention

By Randolph Donney  —  Apr 29 - 02:15 PM
  • USD/JPY traders cogitate on dive following a likely 1990 high MoF defense

  • The 160.245-154.40 plunge came amid thin holiday and overbought conditions

  • Japan FX policy diplomat Kanda all but confirmed the intervention

  • He said more could come any time in "speculative, rapid and abnormal" mkt

  • The 156.88 recovery high ran into resistance by the daily tenkan

  • Another brief slide was seen from there in a nervous market pre-month-end

  • And before ADP, JOLTS and Fed on Wed and Friday's employment report

  • Though intervention could cap extremely O/B prices by 1990's 160.35 peak

  • A sustained selloff would need softening US data and renewed Fed cut pricing

  • The BoJ punted last week, putting supporting yen firmly on the MoF's back

  • Q3, Q4 2023 corrections were caught by 55-DMA, weekly cloud top

  • Those supports are currently at 146.08/25 and a bit out of reached

  • At least w/o more interventions and or a huge dovish NFP miss on Friday

For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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