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Oct 31 - 04:55 PM

USD/JPY - Soars Toward 2022'S Peak On BoJ, Data, Starts Intervention Watch

By Randolph Donney  —  Oct 31 - 02:35 PM
  • USD/JPY up 1.6% on BoJ letdown, US data beats, now by 2022's 151.94 peak

  • The 151.94 peak was a 32-yr high & triggered big MoF yen buying, price dive

  • Current Tues high at 151.715 on EBS may test MoF's intervention threats

  • The Oct. 21, 2022 intervention brought a 144.50 intraday lows

  • But intervention sell-off would be short-lived if US data don't deteriorate

  • Today's reports were above forecast and boosted Fed pricing, S-T Tsy yields

  • Wed brings ADP, ISM mfg, JOLTS and the Fed events pre NFP, ISM non-mfg Fri

  • Fed Chair Powell seen sticking w steady rates, shying away from easing talk

  • If US data continue to beat & MoF is quite, market may try 155 on breakout

  • But at least verbal intervention is likely above 152

  • Big 151 and 152 expiries into week's end, 150 now seen as support

  • Run at 2022 highs comes despite Tsy-JGB ylds spreads fall from Oct highs

For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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