April 16, 2024 11:26 GMT
USD/JPY Extends Streak of Higher Highs to Six Sessions
JPY
- Greenback strength still playing out in another session of higher highs for USD/JPY (this streak has now extended to six sessions), with the pair printing 154.71.
- Resultingly, trade weighted spot JPY measures also ebbing to new lows, to again test the mettle of the Japanese authorities. While the FSA/MoF/BoJ have been keen to stress that no absolute level will trigger intervention, sell-side consensus appears to be coalescing around Y160.00 as the next key test, a level at which markets currently assign a 7.4% chance of touching by the end of April - and a 3.3% chance of trading above.
- USD/JPY is unsurprisingly technically overbought on the 14-day RSI, however this gauge has traded higher on five separate occasions since the beginning of 2021, so may be no further barrier to a continued press higher in the pair.
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