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Nov 12 - 05:55 AM

USD/JPY - Buying In Asia Put Spot At Highest Level Since Nov 1

By Martin Miller  —  Nov 12 - 04:21 AM
  • USD/JPY "bear-trap" puts the 2021 peak back in focus nL1N2S30FS

  • Dollar climbs for a 3rd day as short-end U.S. yields rise nL1N2S30GN

  • Good buying into/post-Tokyo fix, Japanese importers and specs were buyers

  • The intra-day 114.30 peak was the highest level seen in Nov 1

  • Setback from 114.30 in Asia, to drop under 114 in Ldn on Friday on the EBS

  • Huge 114.00 option expiry for the NY cut worth 1.9B, acting like a magnet

  • EUR/JPY's correlation with USD/JPY breaking down, 30-day log is sub +0.5

Daily Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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