The coordinated stance of Japan and the United States toward correcting yen weakness is limiting USD/JPY's upside, with the pair expected to trade in a 156.800-158.400 range tonight. USD/JPY is trading in the upper ¥157 range in the Tokyo market, while attention tonight is focused on speeches by senior Fed officials.
According to the latest market information, the projected range during European and U.S. hours is 156.800-158.400, while USD/JPY is expected to trade in the upper ¥157 range in the Tokyo market. The coordinated stance of Japan and the United States toward correcting yen weakness is limiting further gains.
Several speeches by senior officials of the Federal Reserve Board (FRB) are scheduled for tonight, with attention focused on hawkish remarks since the September FOMC meeting. Meanwhile, if USD/JPY moves into the ¥158 range, concerns about coordinated Japan-U.S. intervention will increase, and upside is expected to remain limited.
The main events scheduled for tonight include speeches by BOE Deputy Governor Ramsden, Fed Vice Chair Bowman, ECB President Lagarde and Fed Governor Cook. Depending on their content, the speeches could become market-moving factors. Indicators marked with ☆ are also listed as items of particular interest.