Forex Trading: USD soars against JPY on BOJ intervention

by Joe Oliver, Forex Trading-Pips

Forex Trading: USD soared as much as 3.7% against the Japanese yen on Monday morning after having set a record low earlier in the session.

Last week Japanese Finance Minister Jun Azumi reiterated that he will take “bold” action against the strong yen if needed.  Azumi  said today that the government took unilateral steps to weaken the yen because the currency didn’t reflect fundamentals. “I’ve repeatedly said that we’ll take bold action against speculative moves in the market,” Azumi told reporters today in Tokyo. “But unfortunately, we’ve continued to see one-side speculative moves that don’t reflect the economic fundamentals of our economy. That’s why I ordered intervention at 10:25” a.m. local time. “I’ll continue to intervene until I am satisfied”.

Forex Trading, USD.JPY 60 minute bars

Forex Trading, USD.JPY 60 minute bars