USD/JPY takes a fresh dive

Read full post at forexlive.com

USD/JPY
is
back
near
the
post-CPI
lows
in
what
looks
line
another
round
of
intervention
from
Japanese
authorities.

BOJ
data

suggests
Japan
may
have
spent
over
¥3
trillion
on
intervention
yesterday,
or
about
$22
billion,
which
is
more
than
I
would
have
expected
given
the
momentum
they
had
on
their
side.
It
suggests
that
dollar
buyers
don’t
have
weak
hands,
even
up
at
38-year
highs.

Today’s
splash
briefly
took
out
yesterday’s
low
and
we’re
consolidating
around
there
now.

The
main
thing
we’re
trying
to
figure
out
is
the
playbook
here.
From
yesterday’s
move,
it
looked
like
they
were
trying
to
find
a
headline
to
latch
onto
but
today
that’s
not
the
case
and
we
could
simply
be
seeing
daily
efforts
to
knock
the
pair
down.