Its going to be an interesting session in Asia and I'll be on the edge of my seat until I hear Japanese officials say they have no comment on the sharp drop for USD/JPY overnight.

If you missed it you can check it out on the free ForexLive chart, here's a 1 minute candle overview:

usdyen sharp drop 14 November 2023

(This chart is from our charting app, which is free and can be found at this link)

Narratives I have gathered include:

  • a USD 1.3bn option expiry at 10am NY time (Justin told y'all about this hours before) ... and the time certainly fits
  • Bank of Japan intervention (I have seen zero credible confirmation of this)
  • stealth BOJ intervention (getting warmer given there is no credible confirmation)
  • 152.00 is a 'big round number' and sellers were gathered there .... m'eh, it tasks more than a few offers for USD/JPY to drop nearly a big figure in a few minutes

Comments welcome (until the Japanese Ministry of Finance weigh in with some useless remarks)!