Confirming you are not from the U.S. or the Philippines

By giving this statement, I explicitly declare and confirm that:
  • I am not a U.S. citizen or resident
  • I am not a resident of the Philippines
  • I do not directly or indirectly own more than 10% of shares/voting rights/interest of the U.S. residents and/or do not control U.S. citizens or residents by other means
  • I am not under the direct or indirect ownership of more than 10% of shares/voting rights/interest and/or under the control of U.S. citizen or resident exercised by other means
  • I am not affiliated with U.S. citizens or residents in terms of Section 1504(a) of FATCA
  • I am aware of my liability for making a false declaration.
For the purposes of this statement, all U.S. dependent countries and territories are equalled to the main territory of the USA. I accept full responsibility for the accuracy of this declaration and commit to personally address and resolve any claims or issues that may arise from a breach of this statement.
Cancel Confirm
We are dedicated to your privacy and the security of your personal information. We only collect emails to provide special offers and important information about our products and services. By submitting your email address, you agree to receive such letters from us. If you want to unsubscribe or have any questions or concerns, write to our Customer Support.
Confirm
Octa trading broker Sign up Log in
Octa trading broker
Open trading account
Trading news
Back
24 Oct 2022

USD/JPY drops below 149.00 on a volatile day

  • US S&P Global October preliminary numbers below expectations.
  • Japanese yen remains calms during American session following BoJ intervention.
  • USD/JPY steadies around 148.80 after sharp moves.

The USD/JPY is hovering around 148.80, up more than a hundred pips for the day on another session of extreme volatility. Earlier it bottomed at 145.36, the lowest since October 10 and then rebound, being unable to regain the 149.50 area.

Japanese authorities seem to be behind the sharp moves seen in the USD/JPY earlier on Monday. More recently, the US dollar lost momentum particularly during the American session following the release of US economic data. The preliminary S&P Global Manufacturing PMI decline to 49.9 from 52 in September, the lowest level in 28 months.

Volatility is set to remain at extreme levels with the upside in USD/JPY still being supported by the divergence between the ultra-accommodative Bank of Japan and the aggressive tightening of the Federal Reserve.  The Bank of Japan Monetary Policy Committee will meet this week (decision on Friday) and the Federal Reserve will have the FOMC meeting next week (decision on Wednesday).

“Despite the lack of urgency to tighten policy from a real wages and output gap perspective, the rapid weakening of the JPY and broadening inflation pressures in Japan cannot be ignored. We don't expect the BOJ to act at the October meeting, but there is a risk of more aggressive signaling. There is a stronger case for a shift in YCC once Governor Kuroda's term ends on April 8, 2023, and after the spring wage negotiations”, explained analysts at TD Securities. They expect continued FX intervention if USD/JPY rallies. “We are neutral, as the pair is fairly valued relative to spreads.”

Technical levels

 

Oct 24, 2022

BoE's Ramsden: Will take necessary steps to get inflation back to target

Bank of England (BoE) Deputy Governor Dave Ramsden said on Monday that the concern that inflation becoming more domestically generated has been a driv
Read more Previous
Oct 24, 2022

USD/CAD climbs back above 1.3700 despite poor US data

The USD/CAD marches firmly amid a risk-off impulse in the FX space due to S&P Global PMIs hinting that global economies might hit a recession, while t
Read more Next