Japan lawmaker says authorities could intervene to support yen at any time

• Recent yen fall has been excessive, out of line with fundamentals
• Don’t think Japan will face any criticism if it were to act now
• Authorities could intervene to prop up yen at any time

The verbal intervention continues on the day but once again, it isn’t fazing USD/JPY whatsoever. The pair is basically frozen so far in trading this week. Buyers are not willing to abandon their bullish conviction (for the most part) yet but are struggling to muster up the courage to test Tokyo’s resolve at the 155.00 mark. Will it be a case of Icarus flying too close to the sun?

This article was written by Justin Low at www.forexlive.com.