USD/JPY edges lower as robust US payrolls clash with persistent Yen intervention threats
USDJPY managed to hit a fast drop after the Bank of Japan threatened to intervene in the market to back up the currency. As we see from the chart, prices managed to test the trend support around 15500-60 which could lead to a trading zone towards the resistance at 157.50-70.
USD/JPY recovery stalls below 157.00 as intervention risks linger
FX markets are trading in typically subdued fashion ahead of Nonfarm Payrolls, although implied volatility suggests traders still expect sizeable moves once the data hits. USD/JPY remains sensitive to further intervention fears near 158, while GBP/USD is showing signs its multi-week rally is losing momentum.
Looking at the 4-hour chart, the pair cleared the 50% Fib retracement level of the downward move from the 157.89 swing high to the 155.03 low. The pair is now trading above the 100 simple moving average (red, 4-hour), but it is still well below the 200 simple moving average (green, 4-hour).
USD/JPY rebounds from lows as Iran ceasefire optimism wavers ahead of NFP
USD/JPY is rebounding after a sharp decline, with price holding just above a key support zone that could define the near-term outlook. The move comes as traders weigh the growing risk of Japanese intervention, with officials increasingly sensitive to currency weakness at these levels.
Oil prices moved away from session lows, providing support to the American currency.
USD/JPY muted as easing Middle East tensions weigh on US Dollar
USDJPY managed to hit a fast drop after the Bank of Japan threatened to intervene in the market to back up the currency. As we see from the chart, prices managed to test the trend support around 155.60 which could lead to a trading zone towards the resistance at 157.50-70.
The USD/JPY pair traded without a clear direction on Thursday, hovering near the 156.30 mark as investors remained cautious over the possibility of another intervention by Japanese authorities in the foreign exchange market. At the time of writing, the pair was down a modest 0.05% on the day.
USD/JPY trades sideways as intervention risk and US jobs data loom