Many spikes in the USDJPY chart... Not only today (there was a spike bigger than 100 pips yesterday).
What's up?

As far as I know, Japan's policy is to devalue the yen to attract tourists to Japan for consumption

It looks to be non-tradable, at least on short distances lol
I mean if you use a reasonable SL...

wojtek wrote: Wed Oct 19, 2022 10:32 pm Many spikes in the USDJPY chart... Not only today (there was a spike bigger than 100 pips yesterday).
What's up?

The upward move is overextended, therefore some large buyers start taking profits.
People have probably forgotten by now but it was Jimmy who told us that USDJPY would go up for quite some time back in June 2022:
viewtopic.php?p=1295480973#p1295480973
Had you listened to the boss, you could retire by now:

wojtek wrote: Thu Oct 20, 2022 6:44 pm It looks to be non-tradable, at least on short distances lol
I mean if you use a reasonable SL...

Huge M1 spikes tend to be central bank interventions and the Japanese CB have been trying to dampen the Yen slide against USD for a few weeks now. Note that 150.000 is a huge psychological level for USDJPY, the CB would definitely be waiting there with big orders to prevent the bulls charging through.

Watch out, that 150.000 might go with a rush ...


Breaking Market News @financialjuice
JAPAN'S FINANCE MINISTER SUZUKI: WE CANNOT WITHSTAND EXCESSIVE FX VOLATILITY FUELED BY SPECULATIVE ACTIONS.

BREAKING:

*USD/JPY CLIMBS TO FRESH 32-YEAR HIGH OF 150.46

TOKYO — Japanese Finance Minister Shunichi Suzuki said on Friday that authorities were dealing with currency speculators “strictly,” as an extended sell-off of the yen kept markets on heightened alert for further dollar-selling intervention by Tokyo.



Speculation that Japan would follow up its September move and step into the market again has grown over the past week as its currency has slipped further to 32-year lows beyond 150 yen.





Investors are seeking clues as to whether authorities are already conducting so-called stealth intervention, but believe any such action would have limited impact.

“I won’t rule out further intervention. If they intervene, they might do it at a larger scale. But it won’t be effective, as they are running against the tide of a strong dollar,” said Masafumi Yamamoto, chief FX strategist at Mizuho Securities.

The dollar surged around 30% against the yen this year, despite Japan spending up to a record 2.8 trillion yen ($19.7 billion) – equivalent to half its annual defense spending – intervening in the foreign exchange market in September to support its currency for the first time since 1998.

Breaking Market News @financialjuice
14m
JAPAN INTERVENES IN THE FX MARKET TO SUPPORT THE YEN - NIKKEI.


https://www.nikkei.com/article/DGXZQOUA ... 2A9000000/