Forex – USD/JPY Weekly Outlook: September 12-16
Forexpros – The U.S. dollar ended the week higher against the yen on Friday, after an intervention by Switzerland’s central bank to curb the francs gains sparked concerns that safe haven inflows could shift to the yen, adding to pressure on Japanese officials to weaken the currency.
USD/JPY hit 77.85 on Friday, the pair’s highest since August 9; the pair subsequently consolidated at 77.58 by close of trade on Friday, gaining 0.88% over the week.
The pair is likely to find support at 77.04, Wednesday’s low and short-term resistance at 77.85, Friday’s high.
The yen weakened broadly on Tuesday after the Swiss National Bank set a minimum exchange rate target of 1.20 per euro for the Swiss franc, saying the massive overvaluation of the currency posed an acute threat to the Swiss economy and carried a risk of deflation.
Following the move, Japanese officials dismissed speculation that Japan would follow Switzerland’s intervention in currency markets, saying “Japan must not provoke a currency war by itself.”
Speaking at the conclusion of the G7 meetings on Saturday, Japanese Finance Minister Jun Azumi said his counterparts had not objected to his pledge to take “bold actions” to curb the appreciation of the yen.
“We will continue to closely monitor developments and we will take bold actions, especially against speculative trading,” Azumi said. I think I gained an understanding of our stance on foreign-exchange rates.”
On Wednesday, the Bank of Japan kept its benchmark interest rate unchanged at 0.1%, in a widely expected decision and announced no new monetary easing measures.
The central bank said that Japan’s economy should resume a moderate recovery later this year but data on Friday showed that Japan’s economy contracted more than previously believed in the second quarter.
The Cabinet Office said revised gross domestic product contracted at an annual pace of 2.1% in the three months to June, from the previous quarter, more than the 1.3% contraction announced three weeks ago.
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