ICYMI – the new angle Japan is taking on yen intervention

ICYMI, Adam had the breaking info:

• Japan intervened in the forex market – report
• The new strategy appears to be to wait for help — this time from US data — and go with the momentum.

Going with the flow worked out well this time, its created a bit of a ‘gap’ now. 159-161, give or take. Recent months have shown that gaps like this hanging overhead get nibbled at. Will it be any different this time? There does seem to be a broader move into the USD, so its likely to be hard going.

Anyway, more on the intervention:

• Japanese media (Mainichi) says it confirmed the intervention with an unnamed Japanese government official.

I’ve marked the gap – I think the kids call these FVGs now? Let me know in the comments what you think.

This article was written by Eamonn Sheridan at www.forexlive.com.