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USD/JPY Tops Y157.00

JPY
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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.
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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.