When Japanese authorities stepped in earlier, the pair fell from 149.62 to 145.48 in quick succession. However, the intervention move was quickly bought up before the pair held close to 149.00 for the past few hours. But as we get into European trading, we are seeing a nudge higher to 149.22 as the bulls snap up the pair and undermine the efforts from the MOF and BOJ.
That said, is anyone surprised? With every move that they make, it loses more effectiveness each time and essentially, one can argue that Japan has wasted another chunk of their reserves for not much reason.
As mentioned countless times before, something has to change fundamentally for the narrative to shift. Otherwise, the pressure will continue to be put on Japan with monetary policy divergence still being a key factor in play at the moment.