The US Dollar took another leg stronger after the release of the minutes from the FOMC meeting in July. Economists at MUFG Bank analyze USD strength and its implications for the USD/JPY pair.
The short-term bias remains favourable for the Dollar
The short-term bias remains favourable for the Dollar and the minutes and the data support that view.
The further strengthening of the Dollar has brought USD/JPY into the danger zone for intervention to halt the move higher. Resistance to a higher USD/JPY could at least involve allowing the 10-year JGB yield to drift further higher. You cannot fight a weaker Yen and higher yields in a credible manner.
From an intra-day low on 28th July, USD/JPY is 8 big figures higher so this move is of a scale that could justify action.
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