Free Trial

USD/JPY Tops Y157.00

JPY

JPY continues to struggle, with the early NY move higher in USD/JPY extending above Y157.00.

  • There hasn’t been much to counter the move, with a broader USD bid factoring in over the last 30 minutes or so.
  • As a reminder, the post-BoJ meeting press conference saw Governor Ueda note that the yen's recent weakness has not had a meaningful impact on underlying inflation, which the Bank continues to monitor closely.
  • FX market participants have taken this as a green light for further JPY weakness, outside of the well-documented volatility seen during the London morning. The JPY is weaker against all G10 peers as a result.
  • USD/JPY prints as high as Y157.22, the next topside level is at 157.65, the 2.236 projection of the Feb 1-13-Mar 8 price swing.
  • We also note that the latest breach of a round number didn’t trigger a meaningful round of stop-/option-linked activity.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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.