FxWirePro: USD/JPY under extreme selling pressure, test of 107.50 likely
USD/JPY under extreme selling pressure, extending downside as we write. The pair has hit fresh 1 1/2 year lows of 108.84, test of 107.50 likely. BOJ governor Kuroda crossed the wires today, saying that they are closely w…
USD/JPY under extreme selling pressure, extending downside as we write.
The pair has hit fresh 1 1/2 year lows of 108.84, test of 107.50 likely.
BOJ governor Kuroda crossed the wires today, saying that they are closely watching FX market moves and that they will take steps in FX market if necessary.
One-sided volatility remains, sporadic direct intervention by the MOF or rates checking callls to dealers cannot be ruled out.
We are of the view that intervention can only provide temporary relief. Advise selling all spikes.
Charts are biased lower. Tests of 108 and then 107.50 levels likely.
