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USD/JPY Slippage as Spot Nears Y150

JPY
  • USD/JPY quickly retreats as spot approaches the Y150.00 handle - prices were creeping higher, briefly touching Y149.99 before reversing sharply to touch daily lows of 149.69. The pullback proves short-lived as spot recovers to trade back above Y149.95 after a few minutes.
  • Price action not driven by headline flow, more likely standing offers at the handle as markets remain cautious about potential Japanese intervention in the pair.
  • Volume surge in JPY futures on that move - around 7,500 contracts changing hands inside 60 seconds - that's a cash equivalent of approx $630mln and is a considerably smaller volume spike relative to that move on Oct 3rd, which was well over twice the size as the trading seen on the move this morning.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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