Free Trial

Volume Surge Tips USD/JPY to New YTD Highs

JPY
  • Latest nudge higher in USDJPY helping stimulate volumes across JPY futures - just over 1,500 contracts changed hands on the last move (for a cash equivalent ~$145mln). Rate now trades at new cycle highs and best levels since mid-November last year.
  • Y142.84 next up, the 1.236 proj of the Jan 16 - Mar 8 - Mar 24 price swing.
  • Further strength across USD/JPY will put the pair back toward intervention territory noted last year, but worth noting there have been no recent developments re verbal interventions.
  • The party line remains the same that Japan will closely watch currency moves and won't rule out any options, last laid out by a top currency diplomat on May 30 after financial authorities met in the wake of the yen's slide to a six-month low against the U.S. dollar.

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.