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USD/JPY Heads Through NY Crossover at Best Levels of the Day

JPY
  • USD/JPY heads into NY hours at the best levels of the session so far, narrowing further the gap with the Friday post-payrolls high and next resistance levels at 145.97/146.28.
  • Creep higher in the pair coincides with the stabilisation in the US 10y yield off the European morning lows (although USD/JPY was undeterred by the morning pullback).
  • Volumes so far Wednesday have been modestly lower-than-average for this time of day, with JPY futures activity ~10% below what you'd expect to see, despite a pick up in trade at the NY crossover.
  • Spot gains possibly being slowed at current levels by solid options interest into today's NY cut - with $1.9bln rolling off at Y145.00 today, as well as $2.9bln between Y144.00-50.
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