Forex
USD/JPY Plummets on Suspected Intervention and Hawkish Reversal
The USD/JPY pair has experienced a significant bearish break, sending it back to levels seen in late July and early August. This downturn is attributed to suspected intervention from Japan's Ministry of Finance, as well as less hawkish remarks from senior FOMC officials.
This contrasts with the views expressed by Chair Kevin Warsh at Jackson Hole last Friday. The price action in USD/JPY on the four-hourly chart shows a striking similarity to previous instances of intervention.
The Australian Dollar has risen against the US Dollar, with AUD/USD trading at 0.7200, up 0.44%. This increase is attributed to Fed Governor Waller's moderately dovish comments ahead of the September meeting.