USD/JPY has broken out to a fresh 34-year high and, so far, there’s been no sign of intervention from the Bank of Japan. As we move into next week, that will likely remain as the big question. And we may be at the stage where threats from the Finance Ministry aren’t enough to back bulls off the bid in USD/JPY. But, even if the BoJ does intervene, the question remains as to whether that can reverse the move. There was a similar episode back in 2022 when USD/JPY was climbing as driven by the carry trade. Once price hit the 145.00 level there were grumblings of intervention and that price ended up stalling the move for ... (full story)