The Japanese Yen finally rallies on something Tokyo did not pay for
The Yen has produced in two sessions what the largest intervention on record could not, and it did so without a single reported purchase.
The Japanese Yen experienced a rally in two trading sessions, defying the largest intervention on record, and achieved this without any reported purchases. The currency traded near 156.00 after fluctuating between highs just under 159.00 and lows just under 155.50, which was a 3.7-Yen decline that crossed the 200-day Exponential Moving Average (EMA) near 158.00 and is now close to the 155.00 area where the joint July operation peaked.
The movement has been steady since Wednesday's Asian high just above 160.00, indicating a repricing rather than an ambush.
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