Dollar-yen continued drifting north during most of the day, almost touching the October 2022 high of 151.94, the test of which back then invited Japanese authorities to intervene.
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Crédit Agricole's bespoke short-term trading model is buying the Japanese Yen against the Euro and Dollar this week thanks to a sizeable deviation in the Yen's value to short-term fair value.
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The dollar continued gaining ground against most of its major peers on Thursday, breaking back above the 151 level against the yen and adding to the risks of intervention.
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Dollar-Yen is on course to test 155 as the differential between U.S. and Japanese bond yields advocates for further advances and the Bank of Japan shows a tolerance for a weakening Yen.
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The dollar traded higher against all the other major currencies on Tuesday, gaining the most ground against the yen.
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