The yen continues to weaken, with $USDJPY now at 161.67. This is getting into intervention territory for the BoJ. From a technical perspective, there isn't much resistance until 162.5-163. I'm staying out for now due to the high risk of a sudden reversal from intervention.
Do you think they'll really step in though, or just jawbone for a while longer? They haven't been quick to act historically.
Technically, it does look like it could keep going, but that's what makes it so dangerous. Good call on the sidelines.
I agree, the BoJ has to be feeling the pressure here. It's a tricky spot to be in.
Staying out is probably smart. The risk/reward just isn't there with intervention looming.
It's fascinating to watch, but definitely not a trade I'd want to be on the wrong side of if intervention hits.