Forex Trading, USD.JPY spikes higher on Japan intervention

by Joe Oliver, Forex Trading-Pips

Forex Trading: USD.JPY spiked sharply higher Thursday morning after Japan intervened in the foreign exchange market with the Yen sinking 3% to 79.5 as of 2AM EST. Investors and speculators have recently been buying JPY and CHF as fears mount over the stability of the US recovery and possibility the Fed will engage in another round of stimulus.

Forex Trading JPY, 60 minute bars

Forex Trading JPY, 60 minute bars

 

 

 

 

 

 

 

Despite todays intervention the long term trend in USD.JPY still remains down.

Forex Trading JPY, weekly bars

Forex Trading JPY, weekly bars