USD/JPY tests 155 as Tokyo fix buying lifts pair – ING

FXStreet Insights Team FXStreet

The US Dollar (USD) recovered overnight after a brief dip on weaker ADP jobs data, with USD/JPY leading gains toward the key 155 resistance. Buying around the Tokyo fix and ongoing investment inflows into the US are keeping the pair supported, even as Japanese officials step up verbal warnings. Markets see real intervention as unlikely before USD/JPY reaches 160, ING's FX analyst Chris Turner notes.

Investments into US seen supporting USD/JPY

"As to core markets, mixed seems an appropriate description. The dollar was briefly hit yesterday after private sector payroll firm, ADP, suggested that 11k jobs had been lost per week through October. This report used a different methodology from its recent release, showing +42k jobs created that same month. Yet the dollar did not stay offered for long and has come back a little bid overnight."

"Here, USD/JPY is leading the charge, where buying the Tokyo fix was being blamed for the move. One factor thought to be keeping USD/JPY supported is direct investment into the US. These potential flows have brought USD/JPY to psychological resistance at 155, where Japanese verbal intervention is picking up."

"However, few will want to sell USD/JPY at 155, fearing that it could easily run to 160 in thinning year-end markets and that physical intervention to sell USD/JPY probably won't come before that 160 level."

Author

FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

GBP/USD edges higher despite delaying BoE rate hike expectations

GBP/USD inches higher after two days of losses, trading around 1.3600 during the Asian hours. However, the British Pound may encounter headwinds as recent declines in Brent crude oil prices ease immediate inflation concerns. This shift has led money markets to push back expectations for the Bank of England's next interest rate hike from late 2026 into early 2027.

EUR/USD gains on hawkish ECB policy outlook

EUR/USD edges higher after registering minor gains in the previous day, trading around 1.1650 during the Asian hours. The pair gains ground, bolstered by the European Central Bank’s hawkish monetary policy outlook.

Gold resumes profit-taking pullback before Warsh’s Jackson Hole speech

Gold is back in the red below $4,600 early Friday, resuming its corrective decline from 15-week highs of $4,697 earlier this week. Gold bulls are consolidating the upside, awaiting Federal Reserve (Fed) Chairman Kevin Warsh’s debut at the annual Jackson Hole Symposium.

Pi holds steady as Core Team focuses on distributed AI infrastructure

Pi Network (PI) price hovers above $0.0900 on Friday, sustaining the mild 3% gains recorded over the last two days. Pi Core Team announced the launch of new SoloHost apps, OpenClaw and Atlassian MCP Server, on Thursday, in hopes of expanding the Pi ecosystem. PI token must reclaim the $0.1000 psychological threshold for a sustained recovery.

Kevin Warsh’s Jackson Hole dilemma: Say too much, too little, or just enough

Kevin Warsh is preparing to deliver his first Jackson Hole speech as Federal Reserve Chair on Friday, and expectations extend well beyond whether interest rates will be raised or left unchanged in September. The Jackson Hole symposium, held from August 27 to 29, has the official theme “Financial Innovation: Implications for Payments and Policy.”

Kevin Warsh’s Jackson Hole dilemma: Say too much, too little, or just enough

Kevin Warsh is preparing to deliver his first Jackson Hole speech as Federal Reserve (Fed) Chair on Friday, and expectations extend well beyond whether interest rates will be raised or left unchanged in September.