USD/JPY (4-hour chart) as of Monday (8/08/2011) has continued its steady, yen-strengthening fall after spiking late last week to a high of 80.22 on the heels of intervention by the Bank of Japan. This yen re-strengthening after the central bank’s attempt to weaken the yen essentially indicates that the intervention has had very little lasting impact on the upward trajectory of the Japanese currency. The fact that USD/JPY has dropped below key 78.50 support once again is an important bearish indication. As USD/JPY continues to move to the downside, the risk of further yen intervention continues to loom. The key ... (full story)