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Y147.00 Gives Way in USD/JPY

JPY
  • Y147.00 handle gives way in USD/JPY, with the pair pressing to new 2023 highs and, again, levels last seen when the Japanese authorities last intervened in the currency.
  • Above here, initial topside level remains 147.49, a Fibonacci projection, with speculation likely to persist over potential BOJ intervention. Last week, we noted that JPM stated the threshold for currency intervention is likely to be around Y150, they noted that fundamental conditions in Japan had been improving since the last time the MoF intervened to lift the yen in September and October last year.
  • Key drivers here remain rate differentials, with the pair mirroring the uptick in the 10y yield off the overnight low of 4.1726%.
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