Quick fall in USD/JPY as we get to the handover from Asia to Europe
It is one of the steeper falls given the five to ten minute timeframe, as compared to the jittery moves in the past few weeks. However, it is still not entirely clear if this is an intervention push or perhaps just a rate check by Tokyo officials.
I would be quite surprised if it was to be an intervention play considering the fact that we do have the US jobs report still coming up later. As such, I'd be more inclined to pin this to traders squaring off positions before the main event later today. Some positions being taken off and stops being triggered, likely exacerbating price action.
Looking at how Japan's ministry of finance decided to intervene previously, a good bet is that they might try to take a run at things again tomorrow. That especially if the US jobs report later today further rebuffs the more hawkish Fed expectations and pushes the dollar higher as well.
Otherwise, they might just be afforded some extra time before needing to pick their moment again to intervene.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
CoreWeave's surge gives AI cloud a breather, now all eyes are on the Anthropic IPO and Nvidia
CoreWeave’s Q3 revenue and guidance both exceeded expectations, with its stock price surging 25% in a single day and the new cloud sector soaring over 12%. Reports of Anthropic’s potential $1.5 trillion IPO valuation, OpenAI’s quarterly revenue surpassing $10 billion for the first time, and these three positive catalysts together have boosted confidence in the AI computing power industry chain, which was previously troubled by doubts about AI returns. Next week’s Nvidia earnings report and Anthropic’s IPO will be the true test of whether this rally can continue.
AI Computing Power and Semiconductors Stage a Strong Rebound—Why Is Wall Street Cautious About U.S. Stocks? Key Indicators Reveal the Bottom Hasn't Been Reached
The sharp volatility in the US stock market has prompted investors to carefully analyze various data to determine whether the sell-off has ended. Early indicators suggest that it may be too soon to declare that the market has resumed its normal upward trajectory.
Nvidia (NVDA.US) Governance Crisis Escalates: Jensen Huang Exposed for Another Affair, Board Considers Dismissal, and Wall Street Begins Pricing in a “No Jensen” Scenario
The world's most valuable semiconductor company is experiencing the most severe corporate governance crisis since its establishment.
Crypto prices
More
