The USD/JPY pair trades back and forth in a narrow range around 149.00 in the early New York session. The volatility of the pair contracts after Tuesd
USD/JPY juggles around 149.00 as the volatility propelled by Tuesday’s flash crash will take time to heal. A possibility of BoJ’s intervention cannot be ruled as the central bank is maintaining an easy monetary policy. Investors await the US NFP data for further guidance. ay’s ‘flash crash’ near the psychological resistance of 150.00, which was misguided as a Bank of Japan’s intervention in the FX domain to defend further downside in the Japanese Yen.
Analysts at Commerzbank forecasted job growth of 160K. After the surprisingly sharp rise from 3.5% to 3.8% in August, the unemployment rate is likely to have fallen again slightly to 3.7%, as the trend in labor force growth is only around 100K. We do not expect the unemployment rate to rise significantly until next year when the economy is likely to slip into recession and employment is likely to shrink. The US Dollar Index trades in a narrow range around 106.50-106.
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