USD/JPY oscillates around 143.50 as investors await fresh development on BOJ intervention


  • USD/JPY has turned sideways around 143.50 after a firmer decline from 145.00.
  • Investors await fresh developments on BOJ’s intervention plans in Fx moves to fix depreciating yen.
  • The US Michigan Consumer Sentiment Index is seen higher at 60 vs. 58.2 the prior release.

The USD/JPY pair is displaying back-and-forth moves in a narrow range of 143.15-143.56 in the Asian session. The asset has turned sideways after a firmer decline at around 145.00 as investors are awaiting the latest developments on the Bank of Japan (BOJ)’s intervention in Fx moves.

Awaits more development on BOJ intervention

Investors are aware of the fact that the Japanese administration is worried about depreciating the Japanese yen. Earlier, the Japanese economy was enjoying the falling yen as it was delighting their exports and tourism business. But not the over-riped fruit is creating hurdles for the economy. The corporate is facing the headwinds of costly inputs imported from other countries.

Companies that are highly import-inputs dependent are struggling to keep their operating margins intact. Their failure in passing the impact of higher input prices to the end-consumers due to country risk is forcing them to shut down their production. The impact will be revealed in the upcoming earnings season.

Now, Japanese officials feel that the fundamentals of the economy don’t justify the downside pressure and have discussed intervention in Fx moves with the Bank of Japan (BOJ). A seldom decision of intervening is not expected to be welcomed by other G7 countries. While a change in stance on policy seems to be the potential way to provide a cushion to the falling yen.

US Michigan Consumer Sentiment Index eyed

In today’s session, investors’ entire focus will remain on the US Michigan Consumer Sentiment Index, which is seen higher at 60 against the prior release of 58.2. It is worth noting that the sentiment data is in a recovery mode after dropping to 50 in June. In the past two months, the confidence of consumers is returning led by a solid labor market, falling gasoline prices, and higher growth prospects.

USD/JPY

Overview
Today last price 143.34
Today Daily Change -0.18
Today Daily Change % -0.13
Today daily open 143.52
 
Trends
Daily SMA20 140.36
Daily SMA50 137.45
Daily SMA100 134.66
Daily SMA200 126.32
 
Levels
Previous Daily High 143.8
Previous Daily Low 142.8
Previous Weekly High 144.99
Previous Weekly Low 140.12
Previous Monthly High 139.08
Previous Monthly Low 130.4
Daily Fibonacci 38.2% 143.42
Daily Fibonacci 61.8% 143.18
Daily Pivot Point S1 142.95
Daily Pivot Point S2 142.37
Daily Pivot Point S3 141.94
Daily Pivot Point R1 143.95
Daily Pivot Point R2 144.38
Daily Pivot Point R3 144.96

 

 

 

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

AUD/USD accelerates to near 0.6820 ahead of Reserve Bank of Australia policy

AUD/USD accelerates to near 0.6820 ahead of Reserve Bank of Australia policy

The AUD/USD pair has witnessed a sharp recovery in the Tokyo session after a corrective move below 0.6780. The Aussie asset has accelerated to near 0.6820 and is expected to extend its gains toward the previous week’s high around 0.6845 amid the risk appetite profile.

AUDUSD News

EUR/USD aims for 1.0550 despite upbeat US NFP data, Eurozone Retail Sales eyed

EUR/USD aims for 1.0550 despite upbeat US NFP data, Eurozone Retail Sales eyed

The EUR/USD pair is hovering around a fresh five-month high at 1.0545 in the early Asian session. The major currency pair is expected to extend its rally to near 1.0550 ahead amid an upbeat market mood.

EUR/USD News

Gold struggles around $1,800 ahead of ISM Services PMI data

Gold struggles around $1,800 ahead of ISM Services PMI data

Gold price is facing immense pressure in conquering the round-level resistance of $1,800.00 in the early Tokyo session. The precious metal is highly expected to display more gains ahead and may extend towards a fresh three-month high at $1,824.63.

Gold News

AVAX: Traders bet should be on Avalanche bulls triggering a 15% rally

AVAX: Traders bet should be on Avalanche bulls triggering a 15% rally

AVAX price has breached an inverse head-and-shoulders setup, hinting at a 13% upswing. AVAX price has broken out of a critical hurdle and pattern, signaling the start of a quick run-up. AVAX price action created an inverse head-and-shoulder setup.

Read more

The Yen, Payrolls, and the Oil price

The Yen, Payrolls, and the Oil price

US stocks wrapped their second straight week of gains, even if stocks slipped on Friday on the back of better-than-expected US Payrolls data.We have been amazed by the resilience in risky assets of late. This year has seen some incredible macro themes.

Read more

Forex MAJORS

Cryptocurrencies

Signatures