Published: 2024-05-30T04:35:30.000Z
USD/JPY flows: Retracing partial gains

FX Analyst
1
Intervention concern drove longs taking profit off the table
USD/JPY broke higher on Wednesday to a high of 157.7, a zone very close to the second round of latest intervention from the BoJ. The concern of another round of intervention, despite the lack of verbal escalation, seems to have driven some longs to take profit off the table before the weekend. 10yr JGB yields retreated from above 1.1% while U.S. Treasury Yields are performing individually.
USD/JPY is trading 0.23% lower at 157.25.