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fxAug 5, 2026, 1:28 PM

TD Securities: USD/JPY Intervention Drop Capped Near 153; BoJ Hike in December

TD Securities expects the recent intervention-driven decline in USD/JPY to be temporary, with a floor around 153. The firm also sees the Bank of Japan's next rate hike likely in December.

USDJPY

TD Securities strategists view the latest USD/JPY retreat—triggered by suspected yen-buying intervention—as a cyclical correction rather than the start of a structural trend change.

They believe the pair's downside is limited, with a cap near the 153 level. The firm doubts that coordinated US-Japan intervention will be sustained, reducing the risk of a deeper slide.

On the policy front, TD expects the Bank of Japan to delay its next rate hike until December, rather than moving sooner. This outlook suggests the yen's recent strength may not extend much further.

Source: FXStreet Forex News