Japanese Yen: Intervention risk and key levels in focus against US Dollar – Scotiabank
Scotiabank strategists Shaun Osborne and Eric Theoret note that the Japanese Yen (JPY) is modestly firmer, with USD/JPY extending losses through prior intervention lows near 155, a move seen as technically significant and potentially pointing to further Yen gains.
Scotiabank strategists Shaun Osborne and Eric Theoret have identified a potential risk of Japanese Yen intervention and highlighted key support and resistance levels against the US Dollar. The Japanese Yen (JPY) has shown moderate strength, with USD/JPY surging past intervention lows near 155, a move considered technically significant.
They point to strong wage data, a forecasted 25 basis point Bank of Japan (BoJ) hike on September 18, and crucial support near 153 and 152. Resistance is now anticipated above 155. The JPY entered Tuesday's North American session with a narrow 0.1% gain, following a significant Asian session rally. Recent economic data, including strong labor cash earnings and a minor downward adjustment in final Q2 GDP figures, have shaped the currency's outlook.
Policymakers are closely monitoring market price action, as hawkish messaging looms over the upcoming BoJ meeting on September 18. Support for USD/JPY is observed around 153, with no additional support seen before the 2026 lows near 152. USD/JPY traded at approximately 154.00 in the American session on Tuesday, after rebounding from a six-month low of 153.00 earlier in the day.
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