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An interesting comment from Japanese official this morning

A leading Japanese ruling party (LDP) official has apparently just made a comment regarding the level of the USD/JPY. There are no details here yet on the name of that official, but his comments are being reported on the news wires. The comment states; that any rise towards 160 in the USD/JPY could prompt intervention from the BOJ. Now several days ago, an update here noted; that the most likely time the BOJ would want to intervene would be after a sudden spike higher traps many dollar longs at higher levels on the wrong side of the price action. It is not known if this comment today is designed to try and engineer such a spike, but it might infer that 155 is not the line in the sand many seem to think it is. and subsequently try to suck then in to pushing the dollar above that level. So, if the markets drive the USD/JPY sharply above 155 from now on and towards 160, that could provide the exact pricing conditions for the BOJ to think about action. Look, there is no certainty here whatsoever on that prognosis, but it this latest comment today (if confirmed) is quite interesting. The new 34 year high on the USD/JPY was reached a little earlier and it is at 154.97. It is just now trading at 154.91
 

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