Yen Soars as BoJ Intervention Triggers USDJPY Plunge
The Bank of Japan's suspected market intervention has triggered a sharp rally in the Japanese yen, pushing the USDJPY lower and dragging down the Dollar Index ahead of today's US non-farm payrolls release. As a result, the euro is nearing 1.17, while EURINR is seen at 110-110.50, and EURJPY has fallen below 182, positioning to test 180.
AUDUSD is expected to rise towards 0.73, GBPUSD may touch 1.3450 before rebounding, USDCNY is heading for 6.71/70, and the Indian rupee is viewed with room to strengthen to 94 before a reversal.
US Treasury yields remain elevated and steady, with a higher bias, while German yields are near key resistance and could retreat without follow-through. India's 10-year GoI yield has eased but holds above support, keeping the near-term tone positive even as an intermediate dip is flagged.