USD/JPY stumbles lower after brief trip to near five-week highs earlier in the day
The currency pair tried to take a firm run above the 160.00 mark earlier in the day, with the high touching 160.40. That was the highest point since 31 July, when the US and Japan acted in joint intervention to bolster defense of the Japanese yen currency.
There was a bit of a pullback after but now we're seeing a quick drop in USD/JPY to 159.60 in the past 20-25 minutes:
Is it perhaps a rate check from Tokyo again? Or is it just some nerves starting to show up as traders are afraid to overstep the boundaries and invite action from either Washington and/or Tokyo again?
Either could be the case here and if it is the former, the effectiveness certainly is looking lesser this time around. And rightfully so.
For all of Japan's intervention efforts since April, one can argue that they haven't executed them with much finesse.
More to come..
This article was written by Justin Low at investinglive.com.提供 MainLink：Investinglive RSS Breaking News Feed
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