- Japanese yen soars sharply on possible intervention.
- Volatility at extreme levels in the JPY crosses.
- USD/JPY falls 300 points from the high, finding support so far around 149.00.
The USD/JPY has lost three hundred points during the last few minutes on suspicion of an intervention by the Japanese authorities. The pair reached 151.92 on Friday, the highest level since August 1990, and has recently dropped below 149.50.
The Bank of Japan and the Finance Minister could be behind this drastic decline. The pair is now negative on the day and could post the first decline in over two weeks.
Analysts doubt the success of an intervention as long as the fundamental conditions remain the same, with an ultra-accommodative Bank of Japan and the Federal Reserve aggressively raising interest rates.
Volatility is currently at an extreme level in USD/JPY, with the pair moving more than 30 points per minute.
USD/JPY technical levels
Source: Fx Street
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