The Japanese authorities are reluctant to intervene | 29 Septiembre 2023

29 Septiembre 2023, USD/JPY

The Japanese authorities are reluctant to intervene

USDJPY trading plan:

Japanese Finance Minister Shunichi Suzuki said Japanese authorities have set no "defence line" in dealing with currencies, while also warning the yen's weakness had progressed quite a bit. Suzuki reiterated that they would not rule out any option if moves become excessive. The weak yen is in the spotlight as it trades near the 150 level, which is viewed by some traders as the trigger point for intervention from Japanese authorities. "We are closely watching currency moves with a strong sense of urgency," Suzuki told. With the Japanese financial authorities refraining from intervening in the market, traders will continue to buy this currency pair.

Investment idea: buy 148.75 and take profit 149.51.

David Johnson
Analyst of «FreshForex» company
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