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USD/JPY takes a significant hit - is this intervention?
The USD/JPY crumbled to below 160.50 immediately after the miss on the US CPI report. However, it then rose back above 161 again, but in more recent trading it has taken a real hit. The dollar just got smashed to below 158.50 and there is lots of talk this might be intervention by the BOJ. That cannot be confirmed here at this stage, but it does rather smell like it could be and if that is the case then they have chosen a very opportune moment to strike. The price action is fast and furious though and in the time it has taken to write this the dollar has jumped back up by amps 100 pips. The USD/JPY is currently trading at 159.15
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