USD/JPY bounces off the 50-day Simple Moving Average (SMA) and pumps higher as the US Dollar (USD) continues its resurrection after the recent post-ISM Manufacturing PMI miss sell-off.
USD/JPY is recovering after finding support on the 50-day SMA. A positive market mood and weak Japanese real wage data are supporting the pair. Rumors the BoJ could cut bond purchases – a move that would support the Yen – are a headwind for the pair. USD/JPY bounces off the 50-day Simple Moving Average and pumps higher as the US Dollar continues its resurrection after the recent post-ISM Manufacturing PMI miss sell-off. The pair is trading above 156.00 on Wednesday, up 0.8% on the day.
The risk of intervention is also a constant threat to USD/JPY bulls. On Tuesday, Deputy Governor of the BoJ Ryozo Himino repeated concerns about how a weak JPY could negatively impact the economy. His comments suggested the BoJ might be preparing for another direct intervention in Forex markets to prop up JPY . Himino also discussed how the weak Yen was impacting inflation. Although it drove up the price of imported goods, thereby generating inflation – which is what the BoJ wants – Himino said.
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