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BOJ steps in with rhetoric as USD/JPY rises above major level

Earlier this morning the Yen weakened versus the dollar. The USD/JPY lifted above the noted major double top on the long term daily charts, at 151.91 and 151.95. The dollar jumped to a high at 151.97. That was its highest level since 1990. However, just in case anyone thought the Bank of Japan was oblivious to the importance of this level, they stepped in with some timely rhetoric, as the dollar rose above that double top. That managed to thwart the move and send the dollar back to around 151.60 since. That said, it has not backed off much and it remains to be seen, if another attempt on the topside will play out from here. The USD/JPY is currently trading at 151.70 
 

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