April 16, 2024 13:52 GMT
USD/JPY Corrects Off Highs, But Doesn't Fit Intervention Pattern
JPY
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- USD/JPY corrects off highs, shedding ~60 pips before stabilising. An uptick in volumes here puts around 8,000 contracts through within 60 seconds, but the move isn't sticking and has partially stabilised.
- Move of this magnitude likely too small to be confirmed intervention, but markets will be watching for any follow through here.
- Worth recalling we've had sharp intraday corrections in USD/JPY in recent months, that turned out not to be official intervention (examples of which: Nov13, Oct26, Oct17 last year) - and this move may be more of the same. Currency futures volumes of this magnitude (~8,000 inside one minute) look to fit this pattern.
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