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USD/JPY Sees Sharp Reversal Lower

JPY
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USD/JPY broke to fresh highs back to 1990 (highs of 160.17) earlier, before pairing gains. The pair consolidated in the 159.00-50 region before dipping sharply this afternoon back sub 157.00 (lows of 156.61 at the time of writing).

  • Catalysts for both the aggressive move higher and subsequent sharp pull back haven't been evident, although Japan markets are closed today, so liquidity is likely lighter.
  • The recent pull back may spark intervention fears, although we haven't any headlines confirming this. Note post BoJ lows in the pair were around 155.00 on Friday.
  • Broader USD sentiment has also softer, likely aiding yen at the margins.
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USD/JPY broke to fresh highs back to 1990 (highs of 160.17) earlier, before pairing gains. The pair consolidated in the 159.00-50 region before dipping sharply this afternoon back sub 157.00 (lows of 156.61 at the time of writing).

  • Catalysts for both the aggressive move higher and subsequent sharp pull back haven't been evident, although Japan markets are closed today, so liquidity is likely lighter.
  • The recent pull back may spark intervention fears, although we haven't any headlines confirming this. Note post BoJ lows in the pair were around 155.00 on Friday.
  • Broader USD sentiment has also softer, likely aiding yen at the margins.