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1 Nov 2023

USD/JPY tumbles from daily highs as US bond yields plunge, awaiting Fed’s decision

  • USD/JPY at risk of sliding to 150.00 handle, with losses of 0.39% as US Treasury bond yields drop.
  • Market participants expect Fed to hold rates unchanged, with focus on Jerome Powell's press conference.
  • Bank of Japan's latest decision keeps the Japanese Yen pressured against most G8 currencies.

USD/JPY retreats from daily highs reached at 151.68, as US Treasury bond yields dropped on mixed US economic data ahead of the US Federal Reserve monetary policy decision. The major trades at 151.05, at the brisk of sliding to the 150.00 handle, with losses of 0.39%.

Mixed US economic data and anticipation of the Federal Reserve's monetary policy decision impact USD/JPY

With the Fed’s decision right around the corner, the USD/JPY remains offered due to the latest economic releases. Before delving into that data, market participants expect the Fed to hold rates unchanged at the 5.25% -5.50% range, followed by Jerome Powell's press conference at 18:30 GMT.

The US economic docket witnessed the release of the Institute of Supply Management (ISM) October report, which showed that Manufacturing PMI dropped to 46.7, below estimates, and September’s 49.0 level, suggesting that activity is slowing down.

Moving to the US jobs data, Automatic Data Processing (ADP) indicated an increase in private hiring compared to September, although it fell significantly short of estimates. Subsequently, the US Bureau of Labor Statistics (BLS) reported that job openings exceeded both forecasts and the previous reading, with September's Job Openings and Labor Turnover Survey (JOLTS) reaching 9.553 million.

Meanwhile, on the Japan front, the latest decision of the Bank of Japan (BoJ) keeps the Japanese Yen (JPY) pressured against most G8 currencies. Even though the bank tweaked the Yield Curve Control (YCC), the USD/JPY printed a new year-to-date (YTD) high of 151.72, though authorities and the BoJ remain on hold of intervening in the Forex markets. That said, further Yen weakness is expected, though caution is warranted.

USD/JPY Technical Levels

 

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