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Japanese Yen nears break above 160.00 as Japanese authorities remain sidelined

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The Japanese Yen (JPY) weakens again on Wednesday in a near 10-day losing streak that only had one hiccup on the way up. Traders are dipping their toes in the water to see if the Japanese Ministry of Finance is set to intervene in forex markets.

The Japan ese Yen softens further, flirting with a break above 160.00. With pressure building to the upside in USD/JPY, the risk of a hard correction grows. The US Dollar Index pops higher after some hawkish Fed comments. The Japan ese Yen weakens again on Wednesday in a near 10-day losing streak that only had one hiccup on the way up. Traders are dipping their toes in the water to see if the Japan ese Ministry of Finance is set to intervene in forex markets.

9% chance, while a 50-basis-point rate cut has a slim 6.2% possibility. The Overnight indexed Swap curve for Japan shows a 56.6% chance for a rate hike on July 31, and a smaller 49.6% chance for a hike on September 20. The US 10-year benchmark rate trades near the weekly high at 4.27%. The benchmark 10-year Japan Treasury Note trades around 1.023%, breaking above 1% for the first time since June.

Source: News Formal (newsformal.com)

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