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25 Oct 2022

USD/JPY drops sharply below 148.00 on USD weakness

  • US Dollar tumbles across the board amid lower US yields.
  • Japanese yen up versus dollar but holds onto loses against other rivals.
  • USD/JPY down more than a hundred pips, no intervention seen.

The USD/JPY is falling on Tuesday on no signs of interventions and driven by a weaker US Dollar across the board. The pair is trading under 148.00 after ending with hours of calm hovering around 148.80.

The pair bottomed at 147.50 and then rebounded modestly, unable to hold above 148.00. Below the daily low, the next support stands at 147.00.

Following the beginning of the American session, the greenback fell sharply. The DXY is falling by 0.90%, and trades under 111.00, at the lowest level in 19 days.

US yields are sharply lower, favoring the downside in USD/JPY. The US 10-year yield stands at 4.08%, down 3.70% for the day; while the 2-year stands at 4.43%, after hitting at 4.40%, the lowest since October 13.

The demand for Treasuries rose despite weaker US data and even amid the improvement in market sentiment. US equity markets are rising after trading in negative ground during the pre-market. The Dow Jones is up by 0.57% at fresh monthly highs, and the Nasdaq gains 1.60%.

The decline in USD/JPY offers some relief to Japanese authorities. On Thursday, the Bank of Japan will have its monetary policy meeting. Also that day, the US will release the first estimate of Q3 GDP growth.

Technical levels

 

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