What are your opinions on the USDJPY currency pair?
The value of USD/JPY has surged to its highest level in several years, reaching 151.000 as the Japanese yen weakens and the US dollar strengthens.
This turnaround at such levels is believed to be a result of possible intervention by the Bank of Japan (BoJ). According to MUFG analysts, a yen weaker than 150.000 becomes uncomfortably weak for the BoJ, which could prompt intervention by using its foreign currency reserves to purchase yen.
There is still potential for USDJPY to continue rising, with the possibility of "breaking through the peak of 151.75 if the support around 150.500 remains firmly defended."
The value of USD/JPY has surged to its highest level in several years, reaching 151.000 as the Japanese yen weakens and the US dollar strengthens.
This turnaround at such levels is believed to be a result of possible intervention by the Bank of Japan (BoJ). According to MUFG analysts, a yen weaker than 150.000 becomes uncomfortably weak for the BoJ, which could prompt intervention by using its foreign currency reserves to purchase yen.
There is still potential for USDJPY to continue rising, with the possibility of "breaking through the peak of 151.75 if the support around 150.500 remains firmly defended."
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