USD/JPY surged above 160.00 earlier:

While the trend in USD/JPY has been persistently higher, easily obliterating all the ‘lines in the sand’ that have been confidently talked about, today’s sharp move has been blamed on two main factors:

• stop loss buying around 160, which was a big round number
• barrier option triggers also circa 160
• with a third factor being the Japanese market holiday that has thinned liquidity somewhat today; Singapore and Hong Kong are in though

Elsewhere across major FX the USD has lost some ground, taking AUD, EUR, GBP, NZD, CAD all higher. yen crosses have, thus, rocketed higher also.

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USD/JPY has since settled sideways circa 159.30: