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USD/JPY extends losses on suspected intervention, DXY breaks 200-day MA
Japan’s Ministry of Finance (MOF) appears to be taking full advantage of the path of least resistance by intervening when the Fed change their narrative towards a dovish pivot. As it seems that the MOF once again intervened on the yen on Wednesday to send their currency broadly higher against all FX majors except the Swiss franc – which held its ground due to safe-haven flows. The Fed are making the most of their final week of commentary before their media blackout period begins on Saturday. FOMC voting member Christopher Waller said that the Fed are closer to cutting rates, although they are not there quite yet. ... (full story)