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Price Action Highlights Remaining Two-Way Risk in USD/JPY

FOREX
  • Volatile price action in the JPY followed a gradual grind higher in USD/JPY to new highs of Y149.29 - with a quick correction lower prompting speculation of intervention from the Japanese authorities - with a headline detailing a planned meeting between the BoJ and the FSA potentially triggering the price action. The pair dropped over 100 pips in a sharp move lower, touching 148.19 before recouping almost all the losses.
  • The price action continues to point to a fragile market, with the trend higher in USD/JPY still subject to acute moves lower.
  • NZD and SEK are the outperformers for the session so far, with New Zealand's Q3 CPI coming in well ahead of expectations (2.2% Q/Q vs. Exp, 1.5%) and fuelling potential for a further 75bps move at the November 23rd RBNZ decision.
  • Early strength in GBP faded through the NY crossover, with GBP/USD slightly lower on the day as the Bank of England released a statement claiming that a likely delay to their active Gilt sales plan is 'inaccurate'. This put GBP from the top to the bottom of the G10 pile, with EUR/GBP now within range of the Monday high at 0.8722.
  • Tier one data releases are few and far between Tuesday, although some attention may be paid to industrial production data for September and the October NAHB housing market index. The central bank speakers slate is busier, with ECB's Herodotou, Makhlouf, Schnabel and Nagel on the docket as well as Fed's Bostic and Kashkari.
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