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USDJPY getting close to 161 after taking out the previous intervention highs close to 161.20. Mostly likely quite a decent amount of stops triggered as we broke to new highs helping the pair higher.
With treading on fresh ground it means intervention watch is in overdrive in markets.
It's easy to blame the move in US yields for the gain, but to be fair the USDJPY did see a bit of recent divergence from US yields from the middle of the month.
A lot of this week's moves are difficult to trust since we have month-end, quarter-end and half-year end flows to deal with.
Nonetheless, lots of eyes on Japanese officials and the USDJPY today.
This article was written by Arno V Venter at www.forexlive.com.