USD/JPY 5 minutes
There is no official confirmation of the Japanese Finance Ministry’s intervention today, but there are certainly telltale signs. What to make of the second leg of the last two hours is less clear, but if they intervened once, why not twice?
Like the first time, the scenario is the same, the trader waits a few minutes for the dust to settle and buys the dip.
Surely they won’t intervene three times?
The problem for Japan is that the fundamentals don’t help. The carry trade is what it is and until US economic data improves, it is difficult to push the dollar lower on any front.
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