Its going to be an interesting session in Asia and I’ll be on the edge of my seat until I hear Japanese officials say they have no comment on the sharp drop for USD/JPY overnight.
If you missed it you can check it out on the free ForexLive chart, here’s a 1 minute candle overview:
chart is from our charting app, which is free and can
be found at this link)
Narratives I have gathered include:
- a USD 1.3bn option expiry at 10am NY time (Justin told y’all about this hours before) … and the time certainly fits
- Bank of Japan intervention (I have seen zero credible confirmation of this)
- stealth BOJ intervention (getting warmer given there is no credible confirmation)
- 152.00 is a ‘big round number’ and sellers were gathered there …. m’eh, it tasks more than a few offers for USD/JPY to drop nearly a big figure in a few minutes
Comments welcome (until the Japanese Ministry of Finance weigh in with some useless remarks)!
This article was written by Eamonn Sheridan at www.forexlive.com. Source