USD/JPY pops back into intervention territory at a session high – by fx_ross USDJPY Currencies DollarIndex BOJ Fed
ected beat in the critical US inflation data. The US dollar rallied against the yen with the market pricing in a hawkish for longer Federal Reserve. At the time of writing, USD/JPY is trading at 144.43 but is volatile for the day so far having already travelled between a low of 144.06 and a high of 144.96.
Traders expect the Fed to hike by 75 basis points hike which would lift the Fed's current 2.25% to 2.5% policy rate range to 3% to 3.25% in its third straight hike. However, rate contracts now also reflect about one-in-four odds of a surprise full-percentage-point increase at the Sept. 20-21 meeting.
Meanwhile, the yen remains a concern for officials in Japan and the jawboning of the currency has already begun in trade today. Japan's Ministry of Finance's Masato Kanda who is its top currency official has said he is concerned about recent sharp yen moves and that they will respond appropriately to FX moves without ruling any options out while monitoring FX moves with a sense of urgency.The harmonic pattern is bearish and a break of 141.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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