ICYMI, Adam had the breaking info:
Japan intervened in the forex market – reportThe new strategy appears to be to wait for help — this time from US data — and go with the momentum.
Going with the flow worked out well this time, its created a bit of a ‘gap’ now. 159-161, give or take. Recent months have shown that gaps like this hanging overhead get nibbled at. Will it be any different this time? There does seem to be a broader move into the USD, so its likely to be hard going.
Anyway, more on the intervention:
Japanese media (Mainichi) says it confirmed the intervention with an unnamed Japanese government official.
I’ve marked the gap – I think the kids call these FVGs now? Let me know in the comments what you think.
This article was written by Eamonn Sheridan at www.forexlive.com.
