The Japanese Yen gives back half a record intervention
The Dollar trades near 159.50 against the Yen on Tuesday after a session high just short of 160.00, the strongest level the pair has reached since Tokyo and Washington intervened together at the end of July.
The Dollar traded near 159.50 against the Japanese Yen on Tuesday, following a session high just shy of 160.00, the highest level the pair had reached since Japan and the United States intervened together at the end of July. That intervention resulted in nearly 900 pips out of the rate across two sessions, dropping the currency from just under 164.00 to the 155.00 range.
Over half of this recovery has been regained in the dozen sessions since, and the recovery has been incremental, built on small bodies and narrow ranges rather than a single reversal. Tuesday's 49-pip range fits this pattern perfectly, and the series of higher session highs through August has not required a headline to justify itself.
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