USDJPY Finds Sellers Despite Intervention Threats

• gregmikefx
• February 7th, 2012

The $USDJPY tested the 38.2% of the move down from the January 24th high to the low reached on February 1st. That level comes in at the 76.879 level. The high today reached 76.85 and has backed off. The next support level comes in at the trendline at the 76.65 level. Below that the 200 hour MA at the 76.55 level is the next target. The pair was supported today on the official word that the BOJ did in fact intervene in the market (13.2 billion). The intervention occurred on October 31st. On that day the low for the USDJPY was 75.56 and the high reached 79.52. The price has since moved down to the lowest level since that intervention at the 76.017 level. BOJ Shirakawa amd Finance Minister Azumi has each stated recently that they won’t rule out any action to curb the rise including intervention.

 

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Tickers: USDJPY

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