The USD/JPY pair hovers around 149.70 after retreating from the 11-month highs of 149.82 during the early European trading session on Monday. The rene
wed US Dollar broadly boosts the major pair ahead of the US ISM PMI due later on Monday. However, traders might turn cautious amid the fear of possible FX intervention by Japanese authorities., a measure of the value of the USD relative to a basket of foreign currencies, resumes its upward path by climbing to 106.28, the highest since November last year.
Market players will take cues from the Fed’s Chair Jerome Powell's speech later in the American session on Monday. The hawkish comments from officials could boost the US Dollar and act as a tailwind for the USD/JPY pair. However, the potential FX intervention from the Japanese authorities might warn traders from the bullish bet as the pair trades near the 150.00 level, a psychological round mark, and the zone that BoJ intervened in the market last year.
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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