USD/JPY approaches the key 152.00 level with BoJ intervention looming

The US Dollar remains bid, crawling towards the key 152.00 level.
The upbeat US Nonfarm Payrolls report and Fed officials' recent hawkish comments underpin the USD.
The interest rate differential between the BoJ and the rest of the world’s major central banks limits Yen's recovery attempts.

Guillermo Alcala FXStreet

The US Dollar has nudged higher against the Japanese Yen on Monday, returning to levels a few pips shy of the 152.00 level. This level triggered a BoJ intervention in 2022 and is considered a line in the sand for the Japanese financial authorities.

The strong US macroeconomic data, namely Friday’s Nonfarm Payrolls report and the recent hawkish tilt of the Fed rhetoric is increasing negative pressure on the Yen.

Markets are paring back hopes of a Fed rate cut in June, while the BoJ is expected to keep its benchmark rate near zero for some time. This leaves the JPY as the carry trade funding currency of choice, with investors borrowing Yen to look for higher yields elsewhere.

Japanese officials have reiterated their will to step in the market to stem excessive Yen volatility. That is keeping Dollar buyers from placing strong USD longs, although JPY recovery attempts remain limited above 150.85

USD/JPY

Overview
Today last price	151.78
Today Daily Change	0.16
Today Daily Change %	0.11
Today daily open	151.62

Trends
Daily SMA20	150.45
Daily SMA50	149.76
Daily SMA100	147.64
Daily SMA200	147.07

Levels
Previous Daily High	151.75
Previous Daily Low	150.81
Previous Weekly High	151.95
Previous Weekly Low	150.81
Previous Monthly High	151.97
Previous Monthly Low	146.48
Daily Fibonacci 38.2%	151.39
Daily Fibonacci 61.8%	151.17
Daily Pivot Point S1	151.04
Daily Pivot Point S2	150.46
Daily Pivot Point S3	150.1
Daily Pivot Point R1	151.98
Daily Pivot Point R2	152.33
Daily Pivot Point R3	152.92

Author

Guillermo Alcala

FXStreet

Graduated in Communication Sciences at the Universidad del Pais Vasco and Universiteit van Amsterdam, Guillermo has been working as financial news editor and copywriter in diverse Forex-related firms, like FXStreet and Kantox.

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