USD/JPY, the BOJ was serious this time
After huge JPY strenght on April 24. the BOJ threatened to intervene at any time if needed and the market took that seriously enough at 105.00, pushing the US dollar back to 111.00 in the next couple of weeks. But, as the British referendum aproaches, the JPY strenght returned back and 105 was broken on June 16., a several days before. After that, the weekly MA200 becomes resistance level and on the Brexit day, the sellers have manage to reach 98.96 level in fear, after wich the BOJ intervened for real this time. As I see it now, the buyers have placed decent orders from 101.00, stronger toward 99.00/100.00. The sellers are waiting now at 104.00, the strong one near the daily MA200 at 106.50/107.00. We will see can the buyers return the pair up, because there is no point to push down any more, mostly because of the BOJ.
Btw. I am convinced that it’s not only the BOJ who was ready on the Brexit day, but the most of the central bankers were involved in the market moves on Friday. Well, that wasn’t strange after all.
Forex Trader 