Free Trial

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.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.