USD/JPY Tumbles after Joint Intervention Before Rebounding

The US and Japan's joint currency intervention has had a significant impact on the USD/JPY exchange rate, which fell to around 155 before recovering due to strong buying interest at lower levels.

Last week saw the Dow Jones Index reach new record highs as positive sentiment returned to the stock market. The trend turned higher, with the 10-day moving average rising. The US ISM Manufacturing PMI was stronger than expected, showing that the manufacturing sector is holding up better than many investors had anticipated.

Gold surged higher due to lower oil prices and weaker-than-expected US employment data. However, the market is becoming overbought in the short term, making it a good opportunity for traders to sell rallies. The rising 10-day moving average may provide support on pullbacks.