USD/JPY: Weekly review highlights Dollar strength – MUFG
MUFG’s Teppei Ino reviews USD/JPY price action over Japan’s extended holiday week. The pair opened near 157 and traded in a broad 156–159 range as Dollar strength persisted and expectations of a possible earlier Federal Reserve rate hike supported gains. However, caution over potential Japanese intervention and comments from Finance Minister Satsuki Katayama saw USD/JPY retreat below 158.50.
Dollar gains capped by intervention risk
"The USD/JPY opened the week at 156.98."
"The pair briefly fell to a low of 156.59 early in Asian trading on 21 September during Japan's extended holiday, but then edged steadily higher amid broad Dollar strength."
"Broad Dollar strength continued after the holiday on 24 September, supported in part by expectations that the Fed could bring forward its next rate hike, and the USD/JPY rose to a high of 159.03."
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