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25 Oct 2022

USD/JPY accelerates towards 149.00 after suspected BoJ’s intervention

  • USD/JPY soared back above 149.00, following a suspect intervention when the USD/JPY dived towards its daily low below 146.00.
  • The US economy is hinting signs that it’s decelerating faster than estimates, will the Fed pivot?
  • Speculations of another Bank of Japan (BoJ) intervention lurk after diving more than 400 pips during the day.

The USD/JPY rises as the North American session winds down and reclaims the 149.00 figure due to high US Treasury yields, alongside broad US Dollar strength, across the board, amidst a risk-on impulse. At the time of typing, the USD/JPY is trading at 149.06. up by almost 1%.

Risk-on impulse boosted the US Dollar, despite bad economic data

Wall Street finished the day with solid gains, despite worse-than-expected US economic data. Since Federal Reserve officials entered the blackout period last Saturday, a tranche of US data in the docket would shed some light on the US economy.

On Monday, S&P Global revealed that the Composite PMI for the country shrank at a faster pace than estimated, coming at 47.3, below estimates of 49.3, trailing September’s 49.5. According to Chris Williamson, the S&P Global Chief Economist, the risks of contraction in the fourth quarter increased at the time “that inflationary pressures remain stubbornly high,” via Bloomberg.

Aside from this, speculations of Japanese authorities propelling the Japanese Yen arose as the USD/JPY tumbled toward its daily low at 145.61 at around 07:45 ET time. Nevertheless, the dip was short-lived, as the USD/JPY bounced back towards 148.00, meandering since then, at around the 148.00-149.24 area.

The Japanese economic docket will feature some tier 1 data, like Service PPI, the Consumer Price Index (CPI) for October, and employment data, ahead of the Bank of Japan’s (BoJ) monetary policy meeting.

On the US front, the calendar will reveal additional Regional Fed indices, the CB Consumer Confidence, Durable Good Orders, Jobless Claims, and the Fed’s favorite gauge for inflation, the PCE.

USD/JPY Key Technical Levels

 

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