Macquarie: The latest intervention level for USD/JPY may be around 165

Golden Ten Data reported on July 2 that Macquarie Group expects Japanese authorities may be preparing for new foreign exchange intervention actions, but could wait until the USD/JPY rises to around 165 before acting. The institution also believes that any forex market intervention may wait until after the release of today’s US non-farm payroll data. Macquarie stated: "If the non-farm data is weak, it could create the optimal conditions for intervention, thereby maximizing the effect. Conversely, if intervention takes place today and strong non-farm data subsequently drives a broad US dollar rally, it would be a waste of ‘ammunition’."