USD/JPY extends further to the downside after the London fix as intervention hits

USD/JPY continues to fall in what's almost-assuredly intervention from the Japanese ministry of finance.

The last time they intervened, they took USD/JPY from a high of 145.90 down to a low of 140.34. That was 556 pips. So far today, the high to low range is 151.94 to 148.00, or 394 pips. The same size pip Pip In forex markets, a pip is a percentage in point or price interest point (pip), reflecting a unit of change in an exchange rate. Major currency pairs are traditionally priced to four decimal places – a pip is one unit of the fourth decimal point, or 1/100 of a cent. The exception in this case is the Japanese yen, in which a pip is one unit of the second decimal point. Pips adhere to a rate of change that may be related to a value change in a position of specific currency rates. Forex is traded In forex markets, a pip is a percentage in point or price interest point (pip), reflecting a unit of change in an exchange rate. Major currency pairs are traditionally priced to four decimal places – a pip is one unit of the fourth decimal point, or 1/100 of a cent. The exception in this case is the Japanese yen, in which a pip is one unit of the second decimal point. Pips adhere to a rate of change that may be related to a value change in a position of specific currency rates. Forex is traded Read this Term move would be 146.38 this time.

Notably though, the bottom was quick last time and it was back to 144.78 in three days.

What Japan needs if it wants a top in the pair is for US Treasury yields to stop rising. Timiraos is helping with that today. There's some talk in the market that the Fed was increasingly uncomfortable about rising yields, so made the leak to the WSJ.