USD/JPY Traders Heavy Sell Awaiting Intervention

USD/JPY traders are positioning for possible official intervention as the currency faces heavy selling pressure, according to the market wrap. The report opens with Nasdaq 100 futures climbing after Micron’s earnings and guidance, following a mixed U.S. session in which the Dow rose 0.4% to 51,848 while the S&P 500 slipped 0.1% to 7,358 and the Nasdaq 100 fell 0.4% to 29,220. Treasury yields moved lower as oil prices declined again, and the 10-year yield moved away from the 4.5% level. It also notes Fed expectations shifting via CME’s FedWatch: a September hike remains the majority view, while a second hike in December is a minority. Equity movers included Nvidia down 0.5% on the close and Qualcomm up 12.7% after raising its fiscal 2029 non-handset revenue target to $40 billion. In commodities, gold slipped below key support near $4,000, with the report citing a stronger dollar and lingering expectations of Fed rate hikes.