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USD/JPY backs off again as BOJ ups the rhetoric

Since the last update here today noted the fall back in the USD/JPY from a new 34 year high at 151.97 there has been a whole plethora of warnings from a number of Japanese officials regarding the exchange rate. As mentioned here earlier, this was all timed to stop the USD/JPY advancing further above that major long-term double top. Well, it appears to have been successful and now the dollar is tailing off again. The market is running a little scared right now and of course the BOJ timed this latest splurge of rhetoric pretty well. That clearly indicates they were watching that level just as closely as everyone else. So, the USD/JPY has since fallen back to a session low at 151.10. It is trying to rebound off that now, but clearly the gloves are now off, when it comes to the BOJ wanting to stop the dollar advance. The USD/JPY is currently trading at 151.36 

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