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Yen strength grows as USD/JPY intervention fears pick up

Societe Generale expects intervention expectations to reduce appetite for shorting yen, while warning that a further oil spike could worsen risk sentiment.

Reported · Written up by our desk · Major Pairs

FXStreet, citing Kit Juckes at Societe Generale, said the yen has shown outperformance across the G10 as markets increasingly anticipate further USD/JPY intervention.

The analyst argued that stronger intervention expectations are making traders more reluctant to be short yen, and he expects EUR/JPY to be sold on rallies.

FXStreet also noted Societe Generale cautioned that another spike in oil prices could quickly reverse improvements in risk sentiment, keeping overall caution warranted.

Latest closeUSD/JPY 157.34 ▼0.1%

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