The USDJPY fell rapidly from a excessive of 151.90 right down to a low of 151.20. There was nothing newsworthy to immediate the autumn, however merchants will chatter about fears of Bank of Japan intervention.
The low worth did discover early help patrons in opposition to its rising 100-hour transferring common at 151.113 (see blue line on the chart above), and has already bounced back toward the 151.50 stage.
After 5 straight days to the upside, and a 6 day trying good this morning, the autumn reminds us that there nonetheless is a few nervousness about intervention. In addition, the excessive worth additionally acquired inside 3 – Four pips of a 32 yr excessive at 151.938 (see publish right here).
The closing stage from Friday was at 151.53. That stage could also be a short-term barometer. The October 31 excessive at 151.707 may even be eyed now as a possible resistance stage.