The run on $USDJPY is quite something. We're at 161.67 and holding. Is this sustainable? Watching for any intervention cues from Japan, though they've been quiet. Seems like carry trade is still firmly in play here.
Totally agree, the carry trade narrative is strong. I'm wondering if the BOJ even cares until it hits 165 or 170. They seem content to let it run.
It's a tough one. The breakout is clear, but the threat of intervention is a constant overhang. Are you scaling in or waiting for more confirmation?
Intervention cues are the big question. They've been very verbal in the past. The silence is a bit unsettling, making me think they're waiting for a bigger move or a specific event.
Sustainable? Probably not in the long run, but who knows what 'long run' means in this market. I'm keeping a close eye on any yen strength signals, but they're few and far between.
I wouldn't bet against the carry trade right now. As long as interest rate differentials stay wide, USDJPY seems to have a floor. Just ride the wave.