The Japanese Yen (JPY) surged to over a two-week high against its American counterpart on Wednesday amid speculations that Japan's financial authorities intervened again, for a second time this week, to prop up the domestic currency.
The Japanese Yen rallied on Wednesday amid speculations of another intervention by authorities. The momentum, however, runs out of steam on the back of the divergent BoJ- Fed policy outlooks. Traders now look to the second-tier US data for some impetus ahead of the NFP report on Friday.
A positive tone around the US equity markets further contributes to driving flows away from the safe-haven JPY and provides an additional boost to the USD/JPY pair on Thursday ahead of the second-tier US economic releases. The market attention, meanwhile, remains on the US jobs report on Friday, which will now play a key role in influencing the near-term USD price dynamics and provide some meaningful impetus to the currency pair. Technical Analysis: USD/JPY needs to break through the 50% Fibo.
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