USD/JPY (and yen crosses) have had a wild week's opening.
We had remarks from Japan's Ministry of Finance as USD/JPY traded up to highs around 149.70:
- Japan intervention guy - will continue to take appropriate action against excess FX moves
- Japan finance minister Suzuki says we are confronting speculators
The words are usually hollow. Not this time. the Bank of Japan then intervened to drive USD/JPY to lows circa 145.65:
"Will not confirm intervention".
Gimme a break. LOL.
USD/JPY has subsequently risen nearly 200 points from the intervention lows. 1 minute candles give an idea of the swings:
