I’ve just got off the phone with The Dinosaur who was ancient when the FX market began in 1925 so he’s really ancient now
He lives and breathes the FX market and he told me yesterday that USD/JPY had let off its final bit of steam and was now headed higher. Today he’s convinced that USD/JPY will have a 9 in front of it very very soon, and his reasoning is 1995.
The Kobe earthquake saw USD/JPY fall from 100 to 79.80. Then the BOJ started to intervene, and intervene and intervene. USD/JPY finally stopped rising at 146! With the G7 now behind them and limitless funds at their disposal, is the BOJ about to hear the sound of history repeating?