Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.
    2021
    Best News & Analysis Provider
    FxDailyInfo
    2022
    Best Forex Educational Resources Global
    International Business Magazine

    USD/JPY faces sell-off near 152.00 as BoJ’s stealth intervention hopes deepen

    Source Fxstreet
    Mar 27, 2024 13:36
    • USD/JPY drops from 152.00 as expectations for BoJ’s intervention deepen.
    • The Japanese Yen remains weak despite BoJ exiting negative interest rates.
    • The US Dollar exhibits strength ahead of the US core PCE Inflation data.

    The USD/JPY pair finds intense selling pressure near historic highs of 152.00 in Wednesday’s late American session. The asset falls sharply after Japan’s Finance Ministry reported that The Bank of Japan, Ministry of Finance (MoF) and Financial Services Agency (FSA) are scheduled to hold a tri-party meeting.

    This has deepened hopes of a stealth intervention by Japanese authorities into the FX domain to limit further downside in the Japanese Yen. Also, commentary from top currency diplomat Masato Kanda that he "won't rule out any steps to respond to disorderly FX moves" has reinforced expectations of Japan’s intervention against excessive currency moves.

    The Japanese Yen has faced significant pressure in the last few trading sessions despite the BoJ exiting negative interest rates. It appears that investors are less confident about the BoJ’s move to policy normalization due to the absence of evidence about a wage growth spiral. Apart from that, investors hope that the BoJ’s move to further policy normalization will be very slow.

    Meanwhile, the US Dollar is upbeat ahead of the United States core Personal Consumption Expenditure Price Index (PCE) data for February, which will be published on Good Friday. Trading volume is expected to remain low in that session as US equity and bond markets will remain closed.

    The annual core PCE inflation is estimated to have grown steadily by 2.8%, with monthly growth declining to 0.3% from 0.4% in January. The US Dollar Index (DXY) is far from recapturing the monthly high of 104.50.

    USD/JPY

    Overview
    Today last price 151.28
    Today Daily Change -0.28
    Today Daily Change % -0.18
    Today daily open 151.56
     
    Trends
    Daily SMA20 149.64
    Daily SMA50 149.21
    Daily SMA100 147.59
    Daily SMA200 146.76
     
    Levels
    Previous Daily High 151.6
    Previous Daily Low 151.21
    Previous Weekly High 151.86
    Previous Weekly Low 148.91
    Previous Monthly High 150.89
    Previous Monthly Low 145.9
    Daily Fibonacci 38.2% 151.45
    Daily Fibonacci 61.8% 151.36
    Daily Pivot Point S1 151.31
    Daily Pivot Point S2 151.06
    Daily Pivot Point S3 150.91
    Daily Pivot Point R1 151.71
    Daily Pivot Point R2 151.85
    Daily Pivot Point R3 152.1

     

     

    Disclaimer: For information purposes only. Past performance is not indicative of future results.
    placeholder
    EUR/JPY Price Analysis: Bullish trend perseveres, bears confronts crucial SMAThe EUR/JPY pair currently trades at approximately 164.37, indicating a slight decrease.
    Source  Fxstreet
    The EUR/JPY pair currently trades at approximately 164.37, indicating a slight decrease.
    placeholder
    GBP/JPY Price Analysis: A bearish engulfing pattern looms after diving below 192.00The GBP/JPY retreats late on Wednesday during the North American session and is down 0.27% as the market sentiment shifts sour.
    Source  Fxstreet
    The GBP/JPY retreats late on Wednesday during the North American session and is down 0.27% as the market sentiment shifts sour.
    placeholder
    Forex Today: US inflation data stand out in busy calendar dayHere is what you need to know on Wednesday, April 10: The US Dollar (USD) holds steady as markets eagerly await the Consumer Price Index (CPI) data for March.
    Source  Fxstreet
    Here is what you need to know on Wednesday, April 10: The US Dollar (USD) holds steady as markets eagerly await the Consumer Price Index (CPI) data for March.
    goTop
    quote