The USD/JPY pair fell on Wednesday as the trading community knows the intervention was unilateral. The unilateral interventions by the Bank of Japan in the past have failed, but it is rarely a direct fall in this pair, rather a slow grinding downwards. Because of this, we are currently short of this market, and will continue to be until we hit lower areas. Longs aren’t considered up at these levels as it is the top of the range.
Written by FX Empire