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USD/JPY Slips as Verbal Intervention Boosts Yen, US Data Looms

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The Japanese Yen (JPY) found some support on Thursday following verbal intervention from officials, which helped reverse part of the previous session’s steep losses against the US Dollar (USD). This recovery dragged the USD/JPY pair down below the 152.00 region during the early European session, after hitting its lowest level since July 31 overnight. However, doubts about the Bank of Japan’s (BoJ) ability to raise interest rates further—exacerbated by Japan’s upcoming election-related uncertainties—could limit the Yen’s rebound.

Key US Economic Data on the Horizon
Traders are now focusing on the upcoming US economic data, which could significantly impact the USD/JPY pair. The release of the weekly Initial Jobless Claims and the S&P Global PMI figures is expected to drive market sentiment in the second half of the day. Forecasts suggest that new applications for unemployment benefits could climb towards the 250,000 mark, indicating potential weakness in the US labor market. If confirmed, this data could trigger a bearish reaction in the USD, putting additional pressure on the USD/JPY.

Volatility Ahead for USD/JPY
With these critical data points set to shape market dynamics, traders should brace for potential volatility in the USD/JPY pair. A higher-than-expected rise in jobless claims could challenge the recent bullish trend of the US Dollar, offering further support to the JPY.

Technical Outlook
From a technical perspective, the price has shown some reaction to the overhead supply zone. However, traders will likely wait for the outcome of the US economic releases before committing to a bearish setup. If the data comes in softer than expected, it could trigger a stronger JPY rebound, potentially setting up for a bearish move in USD/JPY. Conversely, if the data surprises to the upside, the pair might regain some bullish momentum.

Patience is key as traders await clearer signals post-data release to determine the next directional move for USD/JPY.

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