USD/JPY rise pauses in the lower 158s, with possible intervention concerns = London FX

In the London market, USD/JPY fell back after rising into the low 158s. With a three-day weekend ahead, concern over government intervention in the foreign exchange market spread, while attention also focused on movements ahead of option expiries during New York hours.

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The story

Early in the London session, USD/JPY extended its high to around 158.42 before falling back into the 158 handle. While risk appetite strengthened somewhat on lower oil prices, it was reported that a situation in which the Japan-US interest rate differential was likely to draw attention created selling pressure on the yen. It is currently trading in the low 158s.

With a three-day weekend in Japan ahead, concern over intervention at levels moving from 158 to 159 has been spreading, according to reports. An option expiry has also been observed at 158.00 at today's New York cut. Trading was volatile early in the London session.

Current rates are USD/JPY 158.06, EUR/JPY 177.31 and GBP/JPY 209.25.

At a glance

LevelUSD/JPY rose to around 158.42 in London

TrendIt subsequently fell back to the 158.0 handle and traded in the low 158s

Market CautionWith a three-day weekend ahead, concern over foreign exchange intervention is spreading

OptionsAn option expiry has been observed around 158.00 at the New York cut

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