The Japan central bank has been on standby capping the steady rise (usdjpy) for a few months now and everyone was waiting for them to step in again yesterday, (you never want to stand in the way of a CB), but nothing happened.boytoy wrote: Fri Jun 28, 2024 5:48 pm Why is it that price just went straight through that 34 year resistance line??? Did you not find it weird there was no bounce or anything... I watched it
Difficult to know whether they just lost courage or are waiting a little longer. It costs 10s of billions of $ each time they intervene and it's a game of diminishing returns. At some point either they win and the speculators back off or the speculators win and the CB backs off. If the latter's the case then there's a persistent devaluing of the Yen and so more expensive are their essential oil imports.
