July will be remembered as the month the yen finally pushed back. USD/JPY ends the month at 157.58, down over 6 yen from Monday’s peak of 163.79 — a stunning reversal that wiped out eight weeks of carry-trade gains in four days. The euro, meanwhile, posts its best month since January: EUR/USD closes July at […]
Big moves change markets in ways that outlast the move itself. The yen’s 870-pip round trip this week has reset positioning, repriced risk, and created a new trading landscape. Here’s how I’d navigate it. Rule one: respect the new range until proven otherwise USD/JPY is trading around 157.6, roughly in the middle of its new […]
Every cross-asset investor felt the yen shock this week, even those who’ve never traded USD/JPY. Here’s the damage report — and the lesson inside it. The scoreboard Stocks: the S&P 500 spent the week wobbling around 7,490, down modestly from July’s highs but well above the June correction low of 7,238. The equity market’s reaction […]
It finally happened. After weeks of warnings in this column about crowded yen positioning, USD/JPY has reversed violently — from an intraweek high of 163.94 on Monday to a low of 155.26 by Friday, before settling at 157.58. That’s an 870-pip intraweek range, the largest since 2024, and it has obliterated a month of carry […]
The yen finally pushed back, and it pushed hard. USD/JPY crashed from Monday’s open at 163.79 to a Friday low of 155.26, settling the week at 157.58 — an 830-pip collapse that ranks among the sharpest yen rallies in years. The carry trade, rebuilt so confidently through mid-July, has been gutted for the second time […]