The threat of intervention from the BOJ has increased, likely limiting upside for USD/JPY in the near to medium-term. But extremely wide interest rate differentials and buoyant markets suggest USD/JPY shouldn’t be significantly lower. It points to a stalemate for yen bulls and bears but opens the door for traders to play existing ranges. Buying dips towards uptrend support and selling rallies towards 152 is favoured until we see a definite range break. The background There is little doubt the risk of Bank of Japan (BOJ) intervention to prop up the Japanese yen went up a notch on Wednesday, with the language and ... (full story)