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Yen strengthens as USD/JPY pushes through intervention lows near 155
Scotiabank points to strong wage data and expectations for a Bank of Japan rate hike on September 18 as key drivers, while support is seen around 153 and 152.
Scotiabank strategists Shaun Osborne and Eric Theoret said the Japanese yen is modestly firmer, with USD/JPY extending losses through prior intervention lows near 155. They described the move as technically significant and noted expectations for further yen gains.
They pointed to upbeat Japanese wage data and a heavily priced 25 basis point Bank of Japan hike on September 18, arguing these factors reinforce bets for additional BoJ tightening. The strategists also flagged key levels, with support observed around 153 and an additional support area near 152 ahead of the 2026 lows.
Resistance is now expected above 155, and they highlighted that after 153, there is an absence of any additional support before the 152 area. In their view, the USD/JPY move remains consistent with broader yen strength rather than a sustained reversal.
FXStreet also noted the broader dollar tone, saying the yen rally has outweighed support from hawkish Fed bets and geopolitical tensions. The same note cited USD/JPY trading around 154.0 in the American session after rebounding from below 153 earlier in the day.
Latest closeUSD/JPY 158.82 ▼0.9%