USD/JPY holding ground near 148.80 after rumored BoJ currency intervention

The USD/JPY sunk to 147.31 on rumored BoJ intervention before settling near 148.80.
Market intervention on the Yen remains a rumor until official confirmation from Japan sources.
It took three minutes for the USD/JPY to collapse over 270 pips, or -1.81%.

Joshua Gibson FXStreet

The USD/JPY into the low end heading into Wednesday's market session after an assumed Bank of Japan (BoJ) intervention on Tuesday saw the pair tumble nearly 2% from the day's peak just over the 150.00 major handle.

The pair is now trading down into 148.80 after the pair staged a moderate recovery immediately following the rumored BoJ intervention.

Traders will be looking ahead to Wednesday's US Services Purchasing Manager Index (PMI), which is expected to tick down slightly from 54.5 to 53.6.

Forex Today: Yen wakes up as the Dollar remains robust, RBNZ next

The economic calendar is notably thin for the Japanese side, and the data docket is free for USD/JPY to jostle into position heading into another US Non-Farm Payrolls (NFP) on Friday.

Broad-market sentiment has soured lately, sending investors piling into the US Dollar (USD). A narrowly-averted US government shutdown is likely to continue weighing on investor confidence, as the emergency stopgap measures only see US federal operations funded through mid-November.

Rising US Treasury yields on a lack of government confidence and ongoing fears of a potential global economic slowdown sees the US Dollar in a firm position, and any declines in the US Dollar Index are unlikely to be maintained.

USD/JPY technical outlook

Despite the rumored BoJ intervention, the USD/JPY remains in a notably bullish position, with market prices not far from yearly highs, and a bounce back above 150.00 will see the pair trading into its highest prices in decades.

Daily candlesticks see the USD/JPY remaining well-buoyed by the 34-day Exponential Moving Average (EMA) near 147.00, far above the 200-day Simple Moving Average (SMA) near 138.00.

Technical indicators have been breaking under the weight of the Greenback's march up the charts, and the Relative Strength Index (RSI) has been at or near the overbought limit since August.

USD/JPY daily chart

USD/JPY technical levels

USD/JPY

Overview
Today last price	148.84
Today Daily Change	-1.01
Today Daily Change %	-0.67
Today daily open	149.85

Trends
Daily SMA20	148.14
Daily SMA50	145.84
Daily SMA100	143.29
Daily SMA200	138.12

Levels
Previous Daily High	149.88
Previous Daily Low	149.37
Previous Weekly High	149.71
Previous Weekly Low	148.25
Previous Monthly High	149.71
Previous Monthly Low	144.44
Daily Fibonacci 38.2%	149.69
Daily Fibonacci 61.8%	149.57
Daily Pivot Point S1	149.53
Daily Pivot Point S2	149.2
Daily Pivot Point S3	149.02
Daily Pivot Point R1	150.03
Daily Pivot Point R2	150.21
Daily Pivot Point R3	150.54

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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