The Dollar trades near 159.50 against the Yen on Tuesday after a session high just short of 160.00, the strongest level the pair has reached since Tokyo and Washington intervened together at the end of July. That operation drove close to 900 pips out of the rate across two sessions, from just short of 164.00 down to the 155.00 handle.
More than half of it has been ground back in the dozen sessions since, and grinding is the right word, because the recovery has been built on small bodies and narrow ranges rather than on any single reversal. Tuesday’s 49-pip range fits the pattern exactly, and the run of higher session highs through August has…
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