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

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.

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.

Ogee wrote: Fri Jun 28, 2024 5:39 pm Can't trust CBs ever. Price currently trying to bounce up off 160.8 (resistance turned support). Will they try again today to cap the rise? If not price could start looking higher.

That historical chart puts things into perspective. Bank of Japan will have to step in. Like, now maybe?

Still a far way to go until 179.000 resistance hmm

The Yen is dead

USDJPY looking at another breakout teasing the CB towards another intervention;

Ogee wrote: Tue Jul 02, 2024 4:45 pm USDJPY looking at another breakout teasing the CB towards another intervention;

Geeze it's unstoppable!

LOL only just realised this is an old thread from 2 years ago with the same talking points when the BOJ was trying to save the 150 level.

Anyway, looks like another BOJ intervention yesterday at 3pm BST only for the speculators to step back in and push it straight back up again.

Report that BOJ may use the cover of the US holiday to try again today.

https://www.efxdata.com/insights/6caeea ... 7d7ec.html

Ogee wrote: Thu Jul 04, 2024 4:11 pm Anyway, looks like another BOJ intervention yesterday at 3pm BST only for the speculators to step back in and push it straight back up again.

Right and it barely did anything except annoy everyone by touching their stop losses.

What a sham.

JUST INTERVENE AND GET ON WITH IT..... ARGH

moey_dw wrote: Thu Jul 04, 2024 4:44 pm JUST INTERVENE AND GET ON WITH IT..... ARGH

Intervention is likely to happen tomorrow due to low liquidity because of the 4th July holiday.

Less volume tomorrow too so will mean less cost to defend the Yen and all that.