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USD/JPY Sees Volume Boost on Move Through YTD Highs

JPY
  • USD/JPY tops earlier highs to print a new intraday and 2024 high of 148.99. Move not headline or news-driven, with an uptick in volumes on the break of earlier highs likely driving the price action: just over 2,000 contracts across JPY futures traded on the move, a cash equivalent of ~$171mln.
  • JPY trades softer headed into NY hours, with markets focusing on the comms policy from BoJ's Uchida overnight. The policymaker acknowledged the likely need for tighter policy in Japan in the near-term, but played down the prospect of a more protracted tightening cycle after a first theoretical rate hike.
  • Next USDJPY level crosses at 149.16, the 76,4% retracement for the downleg off the November high.

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