With crude oil prices and interest rates expected to rise, 外為どっとコム presented a video reviewing the previous day and outlining its outlook for today, saying that USD/JPY faces resistance on the upside.
Yen buying led the USD/JPY market the previous day against the backdrop of a verbal intervention by the U.S. Treasury Secretary, and the pair fell to around ¥152.94 at one point. It subsequently rebounded into the ¥153 range, supported by the previous day's low and rising crude oil prices. The U.S. Treasury announced the amount of its Treasury buybacks, but the market reaction was reportedly limited.
The next major catalyst is the scheduled release of the August U.S. PPI, with year-on-year growth expected to accelerate. However, the CPI is due that evening, and the outlook presented was that the PPI is unlikely to become a major market driver.