USDJPY Top? Reversal Confrimed by BoJ but not by 10 YR US Yeilds
Markets finished last week in volatile fashion after a drop on USDJPY on speculation of BOJ intervention, which also had an impact on other markets. This JPY volatility has resumed today with another back and forht moves with 400 pips on USDJPY following Japan’s top currency diplomat Masato Kanda comments from clarifying whether they intervened in the market but reiterated that they will continue to take appropriate action against excessive, disorderly market moves. We see sharp drop on USDJPY after a completed five wave rise near 152. Notice that the drop is sharp, but not clear if that is a top. It may all depend on the upcoming direction on US yields, which so far turned nicely down, but cant say that uptrend is down when trendline still holds and yields trades above 4%.
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