USD/JPY pops 200-pips from daily low on BOJ intervention rumors

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The USD/JPY jumped from 111.10 to 113.15 in just five minutes or so on rumors the Bank of Japan intervened in the FX markets to halt the appreciation of Yen.

    Trades above 112

    As of writing, the pair traded around 112.10 levels. The server risk-off seen in Europe triggered a flight to safety and pushed the USD/JPY to a low of 110.97 levels. The spot was stuck in a range of 111-111.80 before the BOJ intervention talk saw the pair jump 200 pips.

    The immediate focus now is on the US weekly jobless claims. Later today, the performance of the US stocks would influence demand for Yen.

    USD/JPY Technical Levels

    The immediate resistance is seen at 113.15 (latest high on hourly chart), which if taken out shall open doors for a re-test of the hourly 50-MA located at 113.98. On the other hand, a break below 110.97 (daily low) could see the spot drop further to 110.00 levels.
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