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Yen stabilizes near 159 after intervention-driven slide

The yen steadied above 159.0 as USD strength eased after prior intervention, while traders also look to Wednesday’s US CPI for a fresh read on Fed rate expectations.

Reported · Written up by our desk · Major Pairs

The Japanese yen traded flat above 159.00 on Tuesday after several days of US dollar strength that followed earlier intervention, with USD/JPY retracing much of the sharp, intervention-driven decline, according to FXStreet.

FXStreet said the move is still being pressured by elevated oil prices and a firmer US dollar.

Attention is also on US inflation, with FXStreet noting that the US Consumer Price Index is expected to be lower in July than in June, which could temper market bets on Federal Reserve rate hikes.

In technical levels cited by FXStreet, USD/JPY was around 159.24, holding above the 20-period simple moving average at 158.63, with support near 159.14 and 158.95 and resistance initially around 159.40.

Latest closeUSD/JPY 159.27 ▲0.5%

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