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11/09/20
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FX Action: USD-JPY

FX Action: USD-JPY ramped up to near three-week highs of 105.44, as the risk-sensitive Yen is sold off across the board on the back of vaccine news, which has seen equity markets soar to record highs in some cases. The pairing had opened the Asian session at 103.20. Stock's knee-jerk higher saw the safe-haven USD elsewhere come under pressure, though with equities coming off their best levels, some Dollar recovery has been seen. EUR-USD has pulled back from early 1.1920 highs to 1.1816 lows at mid-morning. For USD-JPY, risk-on needs to remain in place through the remainder of the session, if the current lofty levels are to be maintained.

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