JPY

Yellen says market should determine exchange rates

• Yellen was speaking in regard to Trump's policy preference for weakening the USD, but I imagine Japan, who want a stronger yen, might have been listening too

USDJPY Technical Analysis – 152.00 is the mother of all levels

• The USDJPY pair is now at a very strong support zone around the 152.00 level. What’s next?

USD/JPY fall draws in the next key support level

• The pair is down another 1% today to 152.30 levels currently

Japan government maintains economic assessment for the month of July

• The assessment is unchanged as the government releases its monthly economic report - 25 July 2024

USD/JPY implied volatility surges to its highest since the first week of May

• One-week IV to just over 14%, and two-week to 12%, both the highest since May 3

Japan Services PPI (June) +3% y/y (expected +2.6%, prior +2.5%)

• Japanese data, though this tends not to move JPY much upon release

BlackRock forecasts the Bank of Japan not to hike rates at the July 30 / 31 meeting

• BlackRock says the BOJ will likely hold until the end of the year

Japan's Kanda says finance leaders discussed China's excessive capacity

• No comments from Kanda on FX

Japan finance minister Suzuki spoke from Brazil - didn't comment on FX levels

• Suzuki is in Brazil for the G20 finance ministers and central bankers meeting

USDJPY Technical Analysis – The sellers remain in control

• The USDJPY pair continues to drift lower amid potential positioning into the BoJ decision next week. What’s next?

USD/JPY drops below 155.00 mark for the first time in seven weeks

• The pair is down another 0.5% now to 154.80 on the day

USD/JPY drops to a fresh low for the session, under 155.40

• It went up earlier on pretty much nothing

USD/JPY swings continue, tracking a near 50 point range so far in Asia

Japan flash PMIs (July): Manufacturing 49.2 (prior 50.0) Services 53.9 (prior 49.4)

• S&P Global / Jibun Bank preliminary Japanese PMIs for July 2024

MUFG warn that the yen could turn back around again and fall - eyes on BOJ

• Bank of Japan meeting next week