Yen-tervention risks remain in focus to start the new week
USD/JPY — All Desk Targets
| Firm | Stance | YE 2026 |
|---|---|---|
UOB | Bearish | 163.00 |
Citi | Bearish | 163.00 |
MUFG | Bullish | 146.00 |
From the original
Towards the end of last week, USD/JPY offered up some interesting price moves. The currency pair fell in the run up to the US jobs report before some pushing and pulling in holiday-thin trading on Friday. But after settling near unchanged from just before the non-farm payrolls, w
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US Dollar To Yen Week-Ahead Forecast: Intervention Risk Rises Above 156 - Exchange Rates UK
FX Daily: High alert on JPY intervention
The desk believes the recent softer US jobs data signals a potential stabilization in the dollar, but the risk of Japanese yen (JPY) intervention remains elevated. Per the full note from ing-think, this risk is exacerbated by thinning liquidity around US holidays, which could lead to immediate intervention actions by the Bank of Japan (BoJ). While the jobs report indicates a hiring slowdown, analysts still price in expectations of at least one Federal Reserve rate hike, maintaining a cautious bullish stance on the USD. However, the potential for JPY intervention adds significant complexity to the USD/JPY outlook, which currently sits around 159.2300.