July 26, 2024 14:28 GMT
JPY: USD/JPY Slips to New Daily Lows on Volume Surge
JPY
- JPY sees sharp buying interest over the past few minutes, helping press USD/JPY through the earlier lows to print 153.15.
- The currency stays firmer on the latest break, but recovers slightly off the new daily low, making for a quick ~75pip slip lower before the bounce. Futures markets show a decent uptick in volumes at 1518BST and 1519BST, making for just over 10k contracts traded over 120 seconds (cash equivalent ~$850mln) and looks more a case of thinner markets (particularly relative to the rest of this week) and a larger order pushing prices around.
- Next support in USD/JPY undercuts at yesterday's pullback lows of 151.94, although 153.01 and 152.60 could offer modest support.
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