Technical Analysis

USD/JPY tracking sideways circa 149.00 after its earlier wild intervention swings

<p>Following remarks out of Japan's Ministry of Finance this morning:</p><ul><li><a href="" rel="follow" target="_self" class="vertical-align-baseline article-link">Japan intervention guy – will continue to take appropriate action against excess FX moves</a></li><li><a href="" rel="follow" target="_self" class="article-link">Japan finance minister Suzuki says we are confronting speculators</a></li></ul><p class="text-align-start vertical-align-baseline">The Bank of Japan intervened to drive USD/JPY to lows circa 145.65:</p><ul class="text-align-start vertical-align-baseline"><li><a href="" rel="follow" target="_self" class="vertical-align-baseline article-link">USD/JPY intervention – smashed lower</a></li><li class="vertical-align-baseline"><a href="" rel="follow" target="_self" class="article-link vertical-align-baseline">More from Japan's Kanda – will not confirm intervention</a>USD/JPY </li></ul><p>USD/JPY has rapidly recovered and has settled into much less volatile trade:</p><p>Estimates of BoJ intervention today are around USD30bn to USD50bn. </p>

This article was written by Eamonn Sheridan at

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