USD/JPY traders cogitate on dive following a likely 1990 high MoF defense
The 160.245-154.40 plunge came amid thin holiday and overbought conditions
Japan FX policy diplomat Kanda all but confirmed the intervention
He said more could come any time in "speculative, rapid and abnormal" mkt
The 156.88 recovery high ran into resistance by the daily tenkan
Another brief slide was seen from there in a nervous market pre-month-end
And before ADP, JOLTS and Fed on Wed and Friday's employment report
Though intervention could cap extremely O/B prices by 1990's 160.35 peak
A sustained selloff would need softening US data and renewed Fed cut pricing
The BoJ punted last week, putting supporting yen firmly on the MoF's back
Q3, Q4 2023 corrections were caught by 55-DMA, weekly cloud top
Those supports are currently at 146.08/25 and a bit out of reached
At least w/o more interventions and or a huge dovish NFP miss on Friday
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