Van-Petersen, Saxo Bank’s macro strategist in Asia, looks at where the pair could be heading next. Kay also talks about when the Bank of Japan may be forced to intervene to halt the yen’s appreciation.

Looking at the dollar, Kay believes that liquidation will continue until the US Federal Reserve provides the market with more guidance on if and when it will hike rates. He says a rate hike in June seems unlikely due to some of the upcoming event risks such as the UK's Brexit vote in June and the US presidential nominations in July.

Get more insight and analysis from Kay Van-Petersen on Tradingfloor.com and on Twitter