Recently, due to the strong rise of USD interest rate hike , the yen was running wildly on the road to depreciation. On Friday, when the yen exchange rate against the yen was close to 1 USD to 152 yen, Japanese authorities intervened in the New York trading session on the 21st. This is the second intervention since September 22, when Japan spent as much as 2.84 trillion yen (about $19 billion) to support its own currency. The market fell significantly after the intervention, with the US dollar falling by more than 400 points against the yen, and the yen exchange rate rose sharply from 1 dollar to 149 yen in the morning to 145 yen in just a few minutes. But the Japanese Ministry of Finance neither confirmed nor denied intervention.
Japanese Ministry of Finance Finance Minister Masato Kanda did not comment on the intervention, but said that excessive weakness of the yen would do more harm than good, and violent foreign exchange fluctuations were not good for enterprises and families, and it was necessary to enhance the currency level by improving Japan's national strength. We are currently trying to fight speculators in the market, and will take necessary responses as needed, absolutely not tolerate excessive exchange rate changes based on speculation, and will continue to monitor the foreign exchange market with a high sense of urgency. Appropriate actions will continue to be taken to deal with excessive and disorderly market volatility.
Technically, the yen is still in a medium- and long-term upward trend, but due to the large increase in in the previous period, it has encountered obstacles and declined around 151.94, and has short-term adjustments. It is currently competing for important support around 148.80. If it continues to stand above 148.80, it is not ruled out that it will hit the previous high of 151.9 again. If the support of 148.80 breaks, it may continue to adjust and may transform to a medium-term adjustment.
or above is personal opinion and is not used as investment advice. Welcome to leave a message to discuss!
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