Japanese yen surge being very quickly faded ...Middle East

The volatility swing is in full action for the Japanese yen right now. USD/JPY saw a very quick drop from around 156.60 to 155.00 before being just as quickly bought back up now to 156.10-20 levels.It's not immediately clear if this was a first check by Japanese officials. But the size of the drop definitely does invite such a possibility. However, the timing is definitely a little suspect as it comes during a rather active time in markets - also before the US PCE price data later.If anything, officials tend to look for the most effective and cost-efficient time when intervening. And this is not exactly that.Either way, the dip is being bought quite strongly and it certainly hints at caution

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Last updated : 26 April 2024 clock 11:24 AM

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