Weekly Special Report: USD/JPY

BANK OF JAPAN YEN INTERVENTIONS:

• BREAKING (SEPTEMBER 2–7): USD/JPY FELL AROUND 3.8% TO TEST ITS LOWEST LEVEL IN MORE THAN SIX MONHTS (154.049). USD/JPY fell amid rumors that the Bank of Japan was conducting another round of yen intervention, following the intervention in late July and early August of 2026 that pushed USD/JPY down by around 5%, with the pair reaching levels near 155.
• THURSDAY (JULY 30): BANK OF JAPAN INTERVENES TO SUPPORT THE YEN. The Bank of Japan launched a massive intervention, reportedly spending an estimated $52.8 – $59.0 billion.
• FRIDAY (JULY 31): BANK OF JAPAN AND FEDERAL RESERVE LAUNCHED RARE JOINT YEN-PURCHASING INTERVENTION. Japan and the U.S. conducted their first coordinated currency intervention since 2011, with the Federal Reserve assisting the U.S. Treasury in purchasing yen through reserve transactions.

Source: Bloomberg, Reuters, CNBC

EVENTS (U.S.A):

• THURSDAY, SEPTEMBER 10 AT 13:30 GMT+1: U.S. PRODUCERS’ PRICE INDEX (PPI) (AUGUST). U.S. PPI has continued falling since May, dropping to 4.7% in July from 6.5% in May. If producer inflation continued to fall in August, this could signal lower consumer inflation, reducing expectations for a Federal Reserve interest rate hike. This could be negative for USD/JPY prices.
• THURSDAY, SEPTEMBER 10 AT 13:30 GMT+1: U.S. WEEKLY INITIAL JOBLESS CLAIMS. Weekly Initial Jobless Claims came in higher-than-expected last week (206,000 vs. 205,000 expected). If the data continues to come in higher, this could indicate weakness in the U.S. labor market, reducing expectations for a Federal Reserve interest rate hike. This could be negative for USD/JPY prices
• FRIDAY, SEPTEMBER 11 AT 13:30 GMT+1: U.S. INFLATION DATA (CPI) (AUGUST). Investors will closely watch U.S. inflation after the last two readings declined, from 4.2% in May to 3.5% in June and 3.4% in July. Another weak report could reduce expectations of a Federal Reserve interest rate hike at the September meeting, weighing on the U.S. dollar and USD/JPY prices.

U.S. FEDERAL RESERVE (FED):

• WEDNESDAY, SEPTEMBER 16 AT 19:00 GMT+1: U.S. FEDERAL RESERVE (FED) INTEREST RATE DECISION. The Fed kept interest rates unchanged at 3.75% at its latest meeting and continued to downplay the likelihood of interest rate hikes in 2026. If the Fed maintains this position, it could weigh on the U.S. dollar and USD/JPY prices.

BANK OF JAPAN (BOJ):

• FRIDAY, SEPTEMBER 18 AT 04:00 GMT+1: BANK OF JAPAN (BOJ) INTEREST RATE DECISION. The BOJ is widely expected to raise rates by 25 basis points in September, from the current rate of 1.00% to 1.25%. This would push rates to their highest level since 1995. The bank is also expected to announce plans for further rate increases in 2026 and 2027. Expectations of further BOJ rate hikes could support the Japanese yen and put further negative pressure on USD/JPY.

TECHNICAL ANALYSIS:

• STRONG RESISTANCE: 160. The 160 and above area has remained a strong resistance zone since April 2024, having been tested only a few times. The 160 level has become a major resistance zone following the latest Bank of Japan and U.S.–Japan joint intervention. A sustained break above 160 could trigger renewed intervention risks as Japan looks to prevent further yen weakness. However, the pair could also rise further.

GRAPH (Weekly): April 2024 – September 2026

Please note that past performance does not guarantee future results

USD/JPY, September 7, 2026
Current Price:  154.60

Example of calculation based on weekly market trend for 1.00 Lot¹

1.  The above calculations are made based on 1.00 lot which is equivalent of 100,000 units
2.  Calculations for exchange rate used as of 15:00 (GMT+1) 07/09/2026

You can use risk management tools such as Stop-Loss and Take-Profit.