USD/JPY Jumps Unexpectedly on Monday


USD/JPY Surged on Monday, Possibly Due to Japanese Intervention. Top Diplomat Masato Kanda Didn't Confirm or Deny Involvement.

EBC Forex Snapshot, 29 Apr 2024

On Monday, the USD/JPY saw a sudden surge, possibly indicating Japanese authorities' intervention. Masato Kanda, a key currency diplomat, remained tight-lipped about potential involvement.

While a weaker USD/JPY benefits Japanese exporters, it also drives up import costs, contributes to inflation, and strains household budgets. In real terms, the currency is currently at its weakest point since at least the 1970s.


Japan's central bank made a historic shift out of negative interest rates in March. The move was so well advertised, leaving speculative traders comfortable to add to short yen positions.

Citibank vs. HSBC Currency Pair Data Comparison

Citi (as of 22 Apr) HSBC (as of 29 Apr)

support resistance support resistance
EUR/USD 1.0600 1.0885 1.0566 1.0852
GBP/USD 1.2337 1.2709 1.2287 1.2700
USD/CHF 0.8999 0.9152 0.9049 0.9195
AUD/USD 0.6339 0.6668 0.6381 0.6665
USD/CAD 1.3478 1.3862 1.3527 1.3828
USD/JPY 150.88 155.00 153.78 160.66

The green numbers in the table indicate that the data has increased compared with the previous time; the red numbers indicate that the data has decreased compared with the previous time; and the black numbers indicate that the data has remained unchanged.

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The dollar was little changed on Monday

The dollar was little changed on Monday

The dollar was steady on Monday. Markets see a 58% chance of a September rate cut and expect two cuts this year, per LSEG's FedWatch data.

The dollar pushed to a fresh eight-week top

The dollar pushed to a fresh eight-week top

The dollar rose to an eight-week high above 159 yen on Friday as the Fed's patient rate-cut stance contrasted with more dovish global positions.

Thursday's Dollar Strengthens Slightly

Thursday's Dollar Strengthens Slightly

The dollar rose as Fed Governor Adriana Kugler sees policy as "sufficiently restrictive" to control inflation without major job market harm.