An old friend just pointed this out to me…
Traders are pointing out that fx intervention on USD/JPY last September
failed at 85.90, matching the 55-day ma, in March it failed at 82.00, 30 pts
short of the 55-day ma, and intervention today has ‘failed’ at 80.00, with the
55-day ma seen at 79.95.
Could it be 3rd time lucky for the BOJ?
Dollar’s around 79.67…