A quick drop in USD/JPY before bouncing back up
Looking at the price action, I'm not very inclined to chalk this up to another intervention round. That being said, one can argue that with each intervention play that the effectiveness is slowly being diminished. After all, the signaling from Japan's ministry of finance last week wasn't the best considering the low liquidity environment.
In any case, the pair just dipped from 157.70 to around 156.75 but is now trading back up to near 157.30 - more than halving the quick drop. From earlier: Japanese yen starting to slip away again, will Tokyo officials step in?
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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