USD/JPY 5 mins
There's no official confirmation that Japan's ministry of finance intervened today but there are certainly tell-tale signs. What to make of the second leg down in the past two hours is less clear, though if they intervened once, why not twice?
Like the first time, the playbook has been the same, with trader waiting a few minutes for the dust to settle and buying the dip.
Surely they won't intervene three times?
The problem for Japan is that fundamentals aren't helping them. The carry trade is what it is and until US economic data softens, it's tough to fade the dollar on any front.
