Yen Nears Multi-Decade Low Against Dollar, Eyes on Japan's Response
| Action Insight Daily Report 11-13-23 |
Yen Nears Multi-Decade Low Against Dollar, Eyes on Japan's Response |
Japanese Yen continues to weaken, accelerating its decline in today's Asian session and edging closer to a multi-decade low against Dollar. The market appears to be gaining confidence that Japan will not intervene at this stage, despite the steep and extended depreciation. But the country's approach to currency intervention remains shrouded in typical discretion. So, it's "never say never" regarding the timing of intervention.... |
USD/JPY Daily Outlook Daily Pivots: (S1) 150.94; (P) 151.17; (R1) 151.56; More... As USD/JPY's rise from 149.17 extends, immediate focus is now on 151.93 key resistance. Decisive break there will confirm resumption of long term up trend. Next target will be 157.69 projection level. On the downside, below 151.21 minor support will turn intraday bias neutral first. But near term outlook will stay bullish as long as 149.17 support holds, even in case of deep retreat. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 21:30 | NZD | Business NZ PSI Oct | 48.9 | 50.7 | | 23:50 | JPY | PPI Y/Y Oct | 0.80% | 0.90% | 2.00% | 2.20% | | 06:00 | JPY | Machine Tool Orders Y/Y Oct P | -20.60% | -11.20% | | 10:00 | EUR | EU Economic Forecasts |
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