Yen Nears Multi-Decade Low Against Dollar, Eyes on Japan's Response

Japanese Yen continues to weaken, accelerating its decline in today's Asian session and edging closer to a multi-decade low against Dollar. The market appears to be gaining confidence that Japan will not intervene at this stage, despite the steep and extended depreciation. But the country's approach to currency intervention remains shrouded in typical discretion. So, it's "never say never" regarding the timing of intervention....

• Japan's wholesale inflation eases to 0.8% yoy, continued downward trend
• New Zealand BNZ services fell to 48.9, contraction with economic angst
• RBA's Kohler warns of bumpy road ahead in tackling inflation

Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol

USD/JPY Daily Outlook

Daily Pivots: (S1) 150.94; (P) 151.17; (R1) 151.56; More...

As USD/JPY's rise from 149.17 extends, immediate focus is now on 151.93 key resistance. Decisive break there will confirm resumption of long term up trend. Next target will be 157.69 projection level. On the downside, below 151.21 minor support will turn intraday bias neutral first. But near term outlook will stay bullish as long as 149.17 support holds, even in case of deep retreat.

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