Thursday’s record Yen defence is the story everyone has written. Friday is the one that matters, because the Dollar has been sold in three separate lurches since the Tokyo morning, nobody has claimed any of them, and the US Treasury has told a number of banks through the New York Fed that it may enter the market and they should stand ready for further action. USD/JPY trades just under 159.00 late in the session, a Yen and a half beneath where the day began.
The second round is the cheap one
The pattern reads like an operation rather than a market. The London morning took the Dollar down to the 158.50 area in minutes and it was bought straight…
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