Break of 110 a Dollar Makes Yen Everyone's Favorite Trade: Chart

Options purchases covering the dollar-yen cross surged to 84 percent above average volumes Wednesday. The most money changed hands since Feb. 11 as investors sold the greenback on the Federal Reserve’s dovish meeting minutes and looked ahead to Thursday’s address from Bank of Japan Governor Haruhiko Kuroda. The CurrencyShares Japanese Yen Trust, a U.S. ETF tracking the cross, saw its highest volumes this year as the currency extended gains beyond the key 110 per dollar rate to its strongest level since October 2014.

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