USD/JPY: Weekly review highlights Dollar strength – MUFG
MUFG’s Teppei Ino reviews USD/JPY price action over Japan’s extended holiday week. The pair opened near 157 and traded in a broad 156–159 range as Dollar strength persisted and expectations of a possible earlier Federal Reserve rate hike supported gains.
The MUFG's Teppei Ino analyzed the USD/JPY price action during Japan's extended holiday week. The currency pair began near 157 and moved within a range of 156-159, as the dollar's strength persisted and expectations of an earlier Federal Reserve rate hike fueled gains. However, concerns over possible Japanese intervention and Finance Minister Satsuki Katayama's remarks caused USD/JPY to dip below 158.50.
The week commenced with the USD/JPY opening at 156.98. The pair initially declined to a low of 156.59 early in Asian trading on September 21, during Japan's holiday period, but then gradually increased due to overall dollar strength. After the holiday, on September 24, the dollar's strength persisted, supported by the possibility of the Fed bringing forward its next rate hike, leading to the USD/JPY reaching a high of 159.03.
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