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USD/JPY To Fresh Highs Just Short Of 152.00, Market Focused On Intervention Risks

JPY

USD/JPY has hit fresh highs back to 1990. The pair got to 151.97 earlier. We sit a touch lower in recent dealings, last in the 151.85/90 region, still around 0.20% weaker in yen terms for the session. This is in line with broader USD gains against the likes of AUD and NZD so far today.

  • Fresh highs in the pair will raise the risks around intervention, with fresh verbal rhetoric from the currency chief and FinMin in recent sessions. The authorities intervened on 3 occasions back in Sep and Oct 2022.
  • We do have an option expiry at 152.00 for NY cut later, so that may influence spot. However, a clean break above this level would likely see the market targeting 152.66, a Fibonacci projection.
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