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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.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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