Dollar-yen is off session lows and eyes levels above 160.0, the YTD high stands at 160.17. Monday session saw the rate stabilize after seven consecutive days of gains, yen weakness is not isolated to the dollar, it stands as the worst G10 performer over the last month
We could see an acceleration above the 160.0 level as the recent rally moved in line with traders paring downside protection, 1m riskies now favour USD/JPY puts over calls by 55bps vs 150bps in early June
Analysts' chatter pencil 165.0 as the next potential level for the MoF to intervene. This means that the dollar has about 500+ pips of room to the upside before we hear from authorities
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