• USD/JPY grinding in a narrow 158.98-159.38 range - market caution remains ahead of 160

• MoF confirms Apr-May intervention at JPY 11.73trillion

• Bigger than both Apr-May (JPY 9.79trillion) and Jul 2024 (JPY 5.53trillion) respectively

• 160 effectively a hard cap for now

• Risk-reward for longs deteriorates sharply the closer spot is to 160

• Downside cushioned by cloud support (156.52-158.87) - keeping dips shallow

• Net-net: the sideways drift should persist
JPY performance after intervention


Justin McQueen is a Reuters market analyst. (The views expressed are his own). ((Email: ))