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USD/JPY slides toward July low as traders eye intervention risk

The pair has broken below its 200-hour moving average and trendline near 163.36, setting up a test of the 100-day moving average around 160.107.

Reported · Written up by our desk · Major Pairs

USD/JPY is moving lower, with traders citing “mumblings about intervention” as the pair heads toward its July low of 160.446. The latest low reached 160.87, keeping the market positioned near that prior trough.

Forexlive notes that after a technical shift earlier in the session, USD/JPY broke below both its 200-hour moving average and an upward-sloping trendline near 163.36. Since then, the decline has extended, with the pair checking supports down to about 160.31.

The next key downside target is the 100-day moving average at 160.107, which is described as within striking distance. Forexlive adds that a break through could open further downside toward a swing area around 159.733 and a 50% midpoint near 159.503, while the first test may attract longer-term buyers defending the level.

In the background, yields have eased from their highs, with the 10-year around 4.659% and the 2-year around 4.221%, while equities were higher, led by the NASDAQ. The NASDAQ was up 2.14% and the NASDAQ 100 up 2.66%.

Latest closeNasdaq Comp. 24,442.94 ▼1.7%|USD/JPY 163.42 ▼0.2%

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