Quick fall in USD/JPY as we get to the handover from Asia to Europe
It is one of the steeper falls given the five to ten minute timeframe, as compared to the jittery moves in the past few weeks. However, it is still not entirely clear if this is an intervention push or perhaps just a rate check by Tokyo officials.
I would be quite surprised if it was to be an intervention play considering the fact that we do have the US jobs report still coming up later. As such, I'd be more inclined to pin this to traders squaring off positions before the main event later today. Some positions being taken off and stops being triggered, likely exacerbating price action.
Looking at how Japan's ministry of finance decided to intervene previously, a good bet is that they might try to take a run at things again tomorrow. They seem to have a knack for wanting to do things the hard way and step in during low liquidity periods. As a reminder, US markets will be closed tomorrow.
Their motivation for doing so might well be heightened if the US jobs report later today further rebuffs the more hawkish Fed expectations and pushes the dollar higher as well. Otherwise, they might just be afforded some extra time before needing to pick their moment again to intervene.
This article was written by Justin Low at investinglive.com.提供 MainLink：Investinglive RSS Breaking News Feed
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