…until someone pushes back.
That seems to be the hope of the Japanese Ministry of Finance as they prepare the market for another round of intervention. Their chances of success are probably a bit better than average given that there is nothing in Japanese fundamentals driving the USD/JPY lower. US fundamentals are a bit funky at the moment, amid slow growth and the debt debate dragging on but probably not funky enough to justify a 76.00 handle on USD/JPY…
USD/JPY is at US session highs, now at 77.22.
77.38 is next resistance, the 61.8% retracement of the drop from 78.05 from 76.29 today.
