USD/JPY approaches the key 152.00 level with BoJ intervention looming
08.04.2024, 17:45

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.

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

 

 

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