USD/JPY Presses 3 Decade+ High at 160.00
“Don’t fight the market” is one of the oldest adages in trading, but apparently the Bank of Japan didn’t get the memo.
Japan’s central bank has now intervened directly in the FX market to support the yen at least four separate times in the past 24 months, with little to show from the billions it spent as USD/JPY once again tests a 34-year+ highs at 160.00.
After warnings from the US over the last round of intervention, the BOJ appears to be holding its ammo until the move grows excessive, which may be closer to the 165 area as long as the yen’s depreciation remains controlled. A break above 160 could lead to a short-term spike as clustered stops on short positions get hit, and only a break back below 157.75 would call the near-term bullish bias into question.
Japan’s central bank has now intervened directly in the FX market to support the yen at least four separate times in the past 24 months, with little to show from the billions it spent as USD/JPY once again tests a 34-year+ highs at 160.00.
After warnings from the US over the last round of intervention, the BOJ appears to be holding its ammo until the move grows excessive, which may be closer to the 165 area as long as the yen’s depreciation remains controlled. A break above 160 could lead to a short-term spike as clustered stops on short positions get hit, and only a break back below 157.75 would call the near-term bullish bias into question.
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