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JPY: Official Intervention Unlikely Driver of JPY Bounce

JPY
  • Dissecting the JPY move slightly further - official intervention here looks unlikely. Spike in volumes on this latest move saw just under 15k contracts trade over the entire move - which has already partially reversed on decent volumes. 
  • This compares to the last confirmed intervention in late April totalling over 10k contracts within a minute - over double the pace of participation seen in today's intraday volatility. 

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