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USDJPY UPDATE
One of the goals of forex intervention is to turn technicals in its favor so that the market can take over  In the case of USDJPY, there is a lower high but it needs to start getting through layers of supports, starting with 157.89 (and establish below 158) to build momentum to the downside,
One obstacle is that JPY weakness has not only been vs the USD but on its crosses where pairs such as EURJPY and CHFJPY recently set new record highs (lows for the JPY).
Regarding intervention, the verbal threat is often more a deterrent than the actual event so expect more jawboning in an attempt to turn the technical tide in favor of the JPY. Conspiracy theory says the BoJ has been covertly in the market trying to put a cap on the USDJPY upside.
USDJPY 4 HOUR CHART
XAUUSD (GOLD) UPDATE
After surging higher to start the week XAUUSD has settled into a 4569=4642 range, tighter currently at 4590-4624.
Daily Pattern: 4600 has traded 5 days in a row. The longer this pattern goes on the greater the risk of a directional move once the pattern is broken. In the meantime, it is range trading until this pattern definitely ends (i.e. 4600 becomes support or resistance).
XAUUSDÂ 4 HOUR CHART
Forex Market Snapshot
- The dollar has so far traded a cautious session with the focus on USDJPY as more verbal intervention saw USDJPY briefly test just below 158.
- This followed remarks from Japanese Fin Min Katayama that they “won’t rule out any options” including joint intervention with the US to counter weakness in the JPY. This suggests 160 may be the line in the sand.
- In addition, there was also talk that the BoJ could raise interest rates as soon as April.
- The dollar has so far not followed through on yesterday’s gains as it consolidates elsewhere.
- US stocks ate trading in the green ahead of a 3-day US holiday weekend  as the AI sector regains some momentum.
- There us a light economic calendar to end the week
Here’s an overview of which markets and major financial institutions are closed on Martin Luther King Jr. Day (Monday, January 19, 2026) in the United States:
Financial Markets & Trading
- U.S. Stock Markets NYSE and NASDAQ
- U.S. Equity & Options Markets
- Most U.S. listed options markets tied to the stock calendar are also closed.
- U.S. Bond Markets
- Futures The CME Globex electronic futures platform observes a holiday schedule for Martin Luther King Jr. Day.
- Banks and government offices
Newsquawk US Market Wrap
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US500 (SP500) UPDATE
- Retracements are said to be a necessary evil of trading, especially for a trend as week longs, for example, need to be forced out to set up a run at a new high.
- In this regard, the jury is still out as the bounce off 6887 support is a positive sign but only a break of the 6997 ATH would build momentum off of it.
- On the other side, a break of 6887 would indicate down momentum.
- Otherwise, consolidation range is 6887-6997.
US500 4 HOUR CHART
Trump holds out a carrot and a stick to Iran
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New sanctions on Iran officials
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NAS100 (NASDAQ) UPDATE
- One way bounce from just below support and subsequent move through 25757.negates the down pattern seen yesterday.
- On the upside, a move through the recent 25876 high (blue line) is what is needed to revive momentum or move up just creates a consolidation range.
NAS100 4 HOUR CHART
Fed;s Bostic (non voter): More hawkish than dovish
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Philly Fed and Empire State beat
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Big beat (lower) jobless claims
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Up next:
Weekly jobless claioms
Philly Fed
Empire Ststa MFGImport/Export prices
See consensus forecasts in our Economic Data Calendar
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