Reminder, Japanese markets are closed today, Monday, 29 April 2024. JPY will swing around.

Japan will be on holidays, with market closures, on :

• Monday 29 April 2024
• Friday, May 3
• Monday, May 6

USD/JPY traded above 158.00 on Friday during US time. It has obliterated all the purported ‘lines in the sand’ we’ve been hearing about from people that really should know better. The next one to be trumpeted should be 160.

I posted this, I hope it helped:

• Stop with the USD/JPY Numberwang intervention level guesses – do this instead

As recently as late last week we had Japan’s Finance Minister Suzuki telling us, quite clearly, and again, that the lower yen has pros and cons. These are NOT fighting words.

USD/JPY has been swinging around already to begin the new week, back under 158.00. If you are short from above 158, don’t be reluctant to grab some profit on this dip.

This chart is via Reuters. If you need a reminder, FX is not a centralised market, and thus there are trades that took place not reflected in this chart. I saw it, briefly, trading a touch lower than the lows shown here.

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