USD/JPY: Markets still eyeing intervention – OCBC

FXStreetJun 28, 2024 12:14 PM

View all comments（0）



USD/JPY continued to power through 161 this morning. This is the highest level since 1986, FX strategist at OCBC Christopher Wong notes.

JPY intervention seems inevitable

“There are expectations that Japanese authorities could soon intervene. While the level of Japanese Yen (JPY) is one factor to consider, officials do focus on the pace of depreciation as the intent of intervention is to curb excessive volatility.”

“As such, the path of least resistance for USD/JPY may still be to the upside, for now. Pair was last at 160.65. Bullish momentum on daily chart intact while RSI in in overbought conditions. Next resistance at 161.20 (138.2% fibo projection of 2023 low to 2023), 164 levels. Support at 157.70 (21 DMA), 156.60 (50 DMA).”

Disclaimer: The content of this article solely represents the author's personal opinions and does not reflect the official stance of Tradingkey. It should not be considered as investment advice. The article is intended for reference purposes only, and readers should not base any investment decisions solely on its content. Tradingkey bears no responsibility for any trading outcomes resulting from reliance on this article. Furthermore, Tradingkey cannot guarantee the accuracy of the article's content. Before making any investment decisions, it is advisable to consult an independent financial advisor to fully understand the associated risks.

Comments (0)

Click the $ button, enter the symbol, and select to link a stock, ETF, or other ticker.

Commenting Guidelines

Recommended Articles

Is Beating Expectations Not Enough? Why Nvidia Stock Still Cannot Escape the "Post-Earnings Pullback" Curse?

TradingKey - Although the Q1 earnings report released after the bell on May 21 once again significantly exceeded market expectations—with revenue of $81.6 billion and data center revenue of $75.2 billion both notably above Wall Street consensus—and the company announced an $80 billion share buyback program and a dividend hike, the stock fell 1.26% in after-hours trading. This continued the recent anomalous trend of "pulling back despite stellar earnings."

Nvidia Earnings Ignite Asian Stock Markets. South Korea’s Kospi Index Surges Over 8%, OpenAI IPO Plan Adds to AI Frenzy

Tradingkey - On May 21, NVIDIA's stellar earnings results were released as expected, while OpenAI's plan to file for an IPO in the coming weeks further ignited market enthusiasm for the AI sector, driving a broad recovery in Asia-Pacific equity markets. Core NVIDIA supply chain plays, including Samsung Electronics, SK Hynix, TSMC, and Advantest, rose in response and strengthened across the board. Geopolitical tensions also showed signs of easing; according to AXIOS, the U.S. and Iran plan to initiate 30-day negotiations. U.S. sources stated that Trump told Netanyahu that mediators are drafting a "Letter of Intent" to be signed by the U.S. and Iran to formally end the conflict and launch a 30-day negotiation period regarding Iran’s nuclear program, the opening of the Strait of Hormuz, and other issues.

WTI edges lower below $98.50 on US-Iran deal optimism

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $98.20 during the early European trading hours on Thursday. The WTI price edges lower after US President Donald Trump said talks with Iran are in the final stages.

Meme Coins Price Prediction: DOGE rebounds, SHIB stabilizes, PEPE nears breakout

Dogecoin (DOGE), Shiba Inu (SHIB) and Pepe (PEPE) meme coins are extending the recovery on Thursday after recent corrections. DOGE finds support from the key zone, SHIB holds the lower consolidation boundary, while PEPE nears the key resistance zone, with a breakout suggesting further upside.

NVIDIA Q1 Earnings Deep Dive: Why Did a Beat Fail to Rally the Stock? A Complete Breakdown of Highlights and Hidden Risks

TradingKey - NVIDIA just reported Q1 FY2027 earnings — $81.6B in revenue, 85% YoY growth, and guidance that topped expectations again. Here's the full breakdown.

Featured Tools