USD/JPY rebounds from fall close to 155

On Friday evening the USD/JPY lurched lower again in late US trading. The dollar dropped as low as 157.40, which is where it closed out the session. Earlier today it reopened at 157.28 and following some rapid two-way price action traded as high as 157.88. However, from there it fell sharply again and hit a low at 155.23. 

It has since rebounded as high as 156.65. The further falls in the dollar come following confirmation that the Bank of Japan has stepped in to support the Yen and has been joined by the Fed in what is the first example of co-ordinated intervention for many years. Some are speculating that the BOJ may conclude such intervention if they wish to adhere to IMF guidelines in terms of what constitutes a free-following currency. To be honest we are not sure about whether the US or Japan care much about that, but it is a possibility. 

Anyway the slide in the USD/JPY has now seen in come off more than 800 pips from the highs seen last week. It has underdstandably taken the major Yen crosses lower with it, but perhaps more on those later. The USD/JPY is right now at 156.46