FOREX PAIR – USD/JPY TECHNICAL ANALYSIS & NEWS BY CAPITAL STREET FX- FOREX PAIR USD/JPY

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USDJPY: NEWS & TECHNICAL REPORT

Yen’s Slump Toward 140 Reawakens Talk of Currency Intervention

The slide in the yen back toward the key psychological 140 per-dollar level is reigniting chatter on the likelihood that officials will intervene to support the Japanese currency.

With traders refocusing on Japan’s interest-rate gap with the rest of the world amid a chorus line of hawkish Federal Reserve commentary, the yen has tumbled close to 4% this month and traded around the 138.50 level Tuesday. That’s a hair’s breadth from a fresh 24-year low and the 140 level which some market watchers have flagged as key for policymakers.

Fed Chair Jerome Powell’s speech at Jackson Hole last week made clear concerns about the economic slowdown are not a priority, wiping out lingering optimism of a softer stance on rates. BOJ Governor Haruhiko Kuroda in contrast repeated the need for continued easing, highlighting once again the stark differences between Japan and the US that heaped pressure on the yen earlier this year.

A gauge of the yen’s implied volatility from the options market signaled about a 51% chance that the yen will touch 140 within a week, according to data compiled by Bloomberg.

USDJPY TECHNICAL ANALYSIS: DAILY CHART


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