The Greenback (USD) recovered some lost ground against the Japanese Yen (JPY) on Wednesday after data from the United States (US) surprised the market
USD/JPY remains volatile after surprising US ISM report; rising US bond yields
The Institute for Supply Management revealed the Non-Manufacturing PMI for August, also called services, which showed that business activity is gaining traction. The reading came at 54.5 from the 52.5 expected and above July’s 52.7. TheEven though the latest measures of inflation depict the US Federal Reserve job is on track to achieve its 2% goal, the latest report of the Fed’s preferred inflation gauge, PCE, rose by 3.3% in July, a minor setback on its task.
Consequently, US Treasury bond yields soared, with the 10-year benchmark note rate at 4.296%, gains 10 basis points, whilefrom the Asian session witnessed Japanese officials considering options amid currency speculation. Hence, market participants and authorities would greatly scrutinize the 148.00/150.00 range, so caution is warranted before placing fresh, long bets on the pair.
The Japanese economic docket would feature a speech by the Bank of Japan’s Nakagawa. On the US front, unemployment claims and speeches by a slew ofUSD/JPY Price Analysis: Technical outlook From a technical perspective, the USD/JPY remains upward biased, and it might test the 148.00 figure if not for Japanese authorities threatening to intervene in the FX markets to propel its currency. The next resistance would be the November 1 daily high at 148.82. On the downside, risks emerge at last week’s high-turned support at 147.37, followed by the 147.00 mark. A breach of the latter will expose the Tenkan-Senat 146.12.
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