Check this out for why now is a particularly effective time of day to intervene, at the cost of looking desperate and weak:
Still, the cheapskates at the Bank of Japan will take it!
What this has done is leave a huge ‘gap’ from 157.50 to where we are now, give or take. Over coming days and weeks that’s the target for filling in.
This article was written by Eamonn Sheridan at www.forexlive.com. Source