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Big moves in the Yen overnight

USD
  • Some big moves in FX overnight and going into the European Cash Govie open, the super volatile Yen is again at the forefront, gaining across the board, achieving well over 300 pips range against the Pound, 300 pips against the EUR and short of 300 versus the Dollar.
  • There wasn't anything specific, to pinpoint some of the big moves, some noted the rise in Japanese 2yr Yield, others the Risk off tone, while some pointed to the breakout of the 146.00 level in USDJPY.
  • Market participants will also have an eye on Powell this coming Friday at Jackson Hole.
  • Although the Pound is not one of the best performer, JPY (+1.44%) and CHF (+0.34%) lead, GBPUSD already trades in a 79 pips range.
  • Next resistance here will be seen at 1.3013 High July 18.

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