JPY: Once again USD/JPY is at a fresh two-decade high as topside momentum picks up with the pair now firmly above the 141.00 handle. Get your market update from JMcQueenFX here:
/JPY is at a fresh two-decade high as topside momentum picks up with the pair now firmly above the 141.00 handle. Previously, a move to 140 had been touted as an area for Japanese Officials to look at possibly intervening in the currency. However, while the Japanese Yen is significantly weaker against the USD , the moves are not disorderly, which is the most important catalyst before Japanese Officials look at intervening.
Elsewhere, net short positioning in the Japanese Yen has also eased up in recent weeks as traders attempt to buy the Yen dip, meaning that there is room for net shorts to build up again in the currency. In turn, this opens the door for the pair to move towards the 145 handle, particularly as global bond yields continue to rally. As a reminder, when gauging the potential direction of USD/JPY it is important to watch the direction of US yields as shown in the chart below.
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