Hi, as you may know there has been intervention in JPY as the USD/JPY was waterfalling off into oblivion. Apparently a good trade here is to wait for the rally and then take the other side so I'm wondering if anyone here is waiting to take a position and at what level?
How high is it likely to go? My chart shows already that it may be resisting on the 80 moving day average on daily chart which has held since end of April. Could it go up to 200 mda @ ~81.50?
I'd really welcome some experienced thoughts on this trade.
Thank you for any input.
The USD/JPY pair is already back to the last intervention level! The intervention didn't even last a full week this time. The G7 stated that they'll do anything it takes to keep a "stable" market so that means they're manipulate currencies aggressively. Expect the Japanese to buy lots of dollars in yet another failed attempt at propping up the USD/JPY...
We're witnessing history guys... this is the downfall of an entire empire. Most people live their whole life as a slave to the empire they were born into, we're seeing the downfall of the WESTERN ECONOMIC EMPIRE (yes I include China in this empire, they're part of it for 20 years now).