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Aug 14 - 04:55 PM

USD/JPY - New 2023 Highs As Traders Spy For Any MoF Rebuff, Tuesday's Data

By Randolph Donney  —  Aug 14 - 02:35 PM
  • USD/JPY rose to 145.575 after clearing 2023's prior peak at 145.07

  • Monday's high is by the up TL across July and Aug swing highs

  • TL is at 145.82 on Tues. 76.4% of the 2022-23 slide is at 146.105 on EBS

  • Gains powered by rising Tsy-JGB yields spreads and risk-on USD bid

  • Further worries about China also feeding the haven flows

  • Longs watching for any sign of MoF, BoJ pushback against yen drop

  • MoF first defended USD/JPY at 145 last Sept, but it eventually hit 151.94

  • As BoJ kept rates at -0.1% while Fed's target soared, now at 5.25-5.50%

  • And the BoJ's July meeting YCC cap raise is only a partial offset

  • Japan GDP, chain store sales, and IP are due out on Tues

  • Likely overshadowed by US retail sales unless MoF props up the yen

  • Actual FX intervention looks unlikely near-term, more risk 150+

For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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