Breaking: USD/JPY corrects sharply below 144.00 as Japan intervenes

FXStreet Team FXStreet

USD/JPY has come under intense selling pressure and given away over 200 pips on news that the Japanese government has intervened in the forex market to stem the rapid decline in the yen.

Japan's top currency diplomat Masato Kanda confirmed over the last minutes that they have intervened in the FX market. He added that the government “took decisive action in the forex market.”

Earlier in the day, Kanda warned that they “will respond appropriately to fx moves without ruling out any options.”

In response to the big move by Japan, USD/JPY is in a free fall and has broken several critical support levels, as yen bulls are being rescued finally. The pair hit the highest level in 24 years at 145.90 before the Japanese authorities deemed it necessary to step in, in order to save the local currency. The government intervened to buy the yen for the first time since 1998.

Ahead of the announcement, the major was trading at near 145.80 levels, adding over 1% on the day, having benefited from the Bank of Japan’s (BOJ) status-quo. The BOJ kept its policy settings unchanged, maintaining its ultra-loose dovish bias. Hawkish Fed outlook and the BOJ’s refusal to act drove the currency pair to the best levels seen in over two decades.

At the time of writing, USD/JPY is trading at 142.65, shedding 0.95% so far.

UJSD/JPY: 15-minutes chart

USD/JPY: Technical levels

USD/JPY

Overview
Today last price	142.68
Today Daily Change	-1.17
Today Daily Change %	-0.81
Today daily open	144.05

Trends
Daily SMA20	141.63
Daily SMA50	137.98
Daily SMA100	135.2
Daily SMA200	126.92

Levels
Previous Daily High	144.7
Previous Daily Low	143.34
Previous Weekly High	144.96
Previous Weekly Low	141.66
Previous Monthly High	139.08
Previous Monthly Low	130.4
Daily Fibonacci 38.2%	144.18
Daily Fibonacci 61.8%	143.86
Daily Pivot Point S1	143.36
Daily Pivot Point S2	142.67
Daily Pivot Point S3	142
Daily Pivot Point R1	144.72
Daily Pivot Point R2	145.39
Daily Pivot Point R3	146.08

Author

FXStreet Team

FXStreet

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

AUD/USD jumps to 0.7050, fresh one-month top after hot Australian CPI

AUD/USD attracts buyers for the second straight day on Wednesday, rising to a fresh high since September 23 during the Asian session. A hot Australian CPI print reaffirmed bets for an imminent RBA rate hike in November and boosted the Australian Dollar. Meanwhile, the US Dollar pauses after a three-day rally to a near two-week high ahead of the crucial FOMC rate decision, lending additional support to the currency pair.

USD/JPY sticks to modest gains above 157.50 as traders await Fed, BoJ meetings

USD/JPY attracts buyers for the third straight day, recovering further from a one-month low ahead of Wednesday’s FOMC decision and the BoJ policy update on Friday. Meanwhile, expectations that the BoJ may hold off on aggressive rate hikes weigh on the Japanese Yen, and the US Dollar advances to a nearly two-week high, supporting the currency pair.

Gold extends pullback from weekly top, further below $4,050 as focus remains on FOMC

Gold extends its retracement slide from the weekly high touched during the Asian session, falling further below $4,050 heading into the European session and ahead of the key central bank event. The US Federal Reserve is scheduled to announce its policy decision later today and is widely expected to keep rates unchanged. Hence, the focus will be on the accompanying policy statement and Fed Chair Kevin Warsh's comments during the post-meeting press conference.

Zcash's bullish momentum mounts on steady ETF inflows, retail confidence

Zcash extends steady recovery above $1,300 on Wednesday, approaching a key resistance near $1,373. Grayscale’s ZEC-focused Exchange-Traded Fund sees persistent buying pressure, with six straight days of inflows, including more than $3 million on Tuesday.

FOMC outlook: Why keeping rates unchanged might not be enough

Tomorrow's FOMC meeting could be quite interesting, even if the Federal Reserve decides to leave interest rates unchanged. According to the latest market expectations, there is currently a 92.8% probability that rates will remain at 3.75–4.00%, while the probability of another 25 basis point increase stands at just 7.2%.

Anthropic pledged $270 billion to Amazon, Google, and Microsoft. Here's who actually gets paid

Anthropic owes Amazon, Google, and Microsoft at least $269.4 billion for computing power, even if it uses less. All three sell its models and handle its billing, and Amazon and Google own stakes and lend it money, so they get paid regardless of how the IPO goes. The Dario Amodei-led Anthropic filed its initial public offering (IPO) on Monday, seeking a listing on the Nasdaq under the ticker ANT.