Here we go: USD/JPY has broken 155.00.
After the quick break, it's retreated down to 154.85. Expect a round of volatility and there's always the chance of intervention. However I think the MOF is ultimately fighting a losing battle due to broad USD strength that's fundamentally driven.
If the 155 level isn't beaten back, look for the market to take aim at 160.00 and that's a level where Japan could take a tougher stand. Also remember that we're around 36 hours from the Bank of Japan decision and they may wish to lend a hawkish helping hand.
