Japanese Yen Technical Outlook: USD/JPY Plunges Toward Critical Support
USD/JPY remains under heavy pressure as Fed hike bets fade and expectations for BoJ tightening build, with key support now in focus.
Written by
Michael Boutros
Sr. Technical Strategist
Japanese Yen Technical Outlook: USD/JPY Multi-Timeframe Analysis
Japanese yen intervention risk is back after Tokyo ran a rate check, the step that usually comes before Japan acts in the market. Michael Boutros, StoneX Media Senior Market Analyst, walks through the Japanese yen across weekly, daily and four hour charts. A rate check is the procedural step Japan typically runs before intervening, and it landed alongside Bank of Japan board member Takada saying policy should stay nimble and data dependent, which has lifted expectations for a rate hike this month. The Federal Reserve stays focused on inflation after Jackson Hole, and fed funds futures have repriced since a weaker than expected ADP employment report. Tomorrow's U.S. nonfarm payrolls release is the next test.
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Written by Michael Boutros, Senior Technical Strategist
Follow Michael on X @MBForex
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