A first taste of intervention play by Tokyo perhaps? The pair is being quickly bought up though as the volatility swing sees it back up to the 155.70-90 range at the moment. The size of the move definitely invites the idea of Japanese officials stepping in but with the quick dip buying, the effectiveness is certainly questionable given the timing and present liquidity conditions.
This article was written by Justin Low at www.forexlive.com.
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