G10 FX Daily Report - 23rd June 2026. Tue Jun 23 2026

Research evidence excerpt

G10 FX Daily Report - 23rd June 2026. Tue Jun 23 2026

Laoise Ni Thighearnaigh AC Sales & Trading J P M O R G A N

laoise.nithighearnaigh@jpmorgan.com G10 FX Daily Report - 23rd June

JPMorgan Chase Bank N.A, London Branch 2026

23 June 2026

JPY JPY: Getting more interesting in USDJPY as nervousness around the 162 level is growing on all

sides – it felt like a rate check yesterday but with continued subsequent plunges, a few eyebrows

were being raised until the news filtered out that an emergency meeting had occurred between

Katayama and Bessent took place. Follow up headlines this morning:

*KATAYAMA: SPOKE WITH BESSENT AS FOLLOW UP TO G7 MEETING

*KATAYAMA: US, JAPAN ARE INCREASINGLY ALIGNED ON FX POLICY

….have quietened the rumour mill as I am sure the market was putting together the reduced

efficacy of unilateral intervention alongside the UST selling required to press forth with more

and coming up with some sort of joint action. My view is they cannot afford to let it go through

162 and with oil soft, equities soft and rates chilling out alongside a market getting shorter and

shorter JPY – conditions are ripe for action should we pop through 162 or -potentially even

before. Not sure the US will join them but given the signal it would send to the rest of the USD

complex (and the fact my portfolio is still a little long USD) I am short USDJPY once more!

CHF The greenback continues to trend higher this morning, and USDCHF is now eyeing the 0.8100

resistance. We still think the Swiss franc should be an underperformer over the medium term

and continue to run short CHF for the time being. There isn’t much to add on flows, but the

move lower in equities has kept the greenback on the front foot this morning, and we’ll be

looking for a close above 0.8100 in USDCHF today.