162.6. That’s where USD/JPY closed on Wednesday, and I had to double-check the screen because the last time we were here, the conversation was all about intervention. The pair has rallied almost without pause since mid-June, climbing from 159.6 to its highest level of 2026. The engine is the same one that’s driven every big […]
The carry trade is feeding on itself. USD/JPY closed Monday at 161.43, its highest level of 2026, after touching 161.91 intraday. The pair has now gained roughly 500 pips since the start of June, and the character of the move has changed. April’s rally was cautious and headline-driven. This one is mechanical — systematic funds […]
USD/JPY is back above 159, and the reason is as old as the hills: yield differentials. The pair has been climbing for three straight weeks — from 156.85 in early May to 159.3 by Thursday — and the pattern is familiar to anyone who traded the yen over the past two years. When the gap […]
The yen’s early-May reprieve is officially over. USD/JPY closed Friday at 159.35 and touched 159.75 intraweek, fully erasing the correction that took the pair down to 155.05 just three weeks ago. If you’re scoring at home, that’s a 470-pip round trip, and the message is unambiguous: every dip in this pair is still being bought. […]