EURUSD - Trends, Forecasts and Implications (Part 3) - page 306
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I think so: there is a "soft" intervention, unlike the September intervention, which is agreed (everybody has to comply) and suits all G7 members, it means there are price levels, today is the 7th day of the disaster in Japan, most likely the Yen pair should return to last week's channel. The intervention phase in JPY ended when EURJPY hit the upper bound of the weekly channel, USDJPY held up just last week and went slightly lower, EUR bought EUR and eurjpy returned to the upper bound of last week's channel, The USDJPY may go to the upper bound of the weekly channel and go up to 83 or thereabouts, it seems that the aim of the intervention (agreed) is to return to the last week's pre-event price levels. Japan will announce the results and the volume of intervention (in the news somewhere) in 2 months, and it is likely that the Bank of Japan will periodically support the yen exchange rate from speculators, a lot of carefully administered yen holdings, not like in September - one-man intervention and loss of half of the holdings. Maybe it is all bullshit, but that is how I see the situation at the moment.
TOKYO, March 18. /Dow Jones/. Speculation that Japan's monetary authorities sold 2 trillion yen in an intervention in Tokyo trading on Friday is "unfounded", a source in the Japanese government said.
>Japan's finance ministry sold 2.12 trillion yen against the US dollar during the global session on September 15, the last time it intervened in the foreign exchange market.
The Bank of Japan conducted a currency intervention today, selling the yen for euros and dollars. Analysts at UBS note that while it would seem natural to place purchased foreign currency into US treasuries, quantitative easing in the US as well as serious fiscal problems in the world's leading economy are reducing the attractiveness of US debt. In addition, high demand for Tregers would cause their yields to fall and thus pull the USD/JPY pair down in the medium term.
As a result, UBS expects that although a large volume of funds of the Japanese Ministry of Finance would still automatically be invested in US government bonds, a considerable part of the financial resources would be directed into other assets. Perhaps the Japanese finance ministry will place funds in the eurozone - the situation in the peripheral debt markets of the monetary union has somewhat stabilized and yields are rising in anticipation of the ECB raising interest rates.
Good afternoon everyone!
We're finally going down! For how long?
In September the USDJPY dropped below its pre-intervention level in 24 hours and eurjpy and eurusd started to rise further, let's see what the US will bring.
The down trend on the pound is not broken (trend is working) there was a false breakdown (number of pips to be determined).
Ok! Thanks
Good afternoon everyone!
We're finally going down! For how long?
I don't see it yet )))) But the yen at 4 o'clock has hit the channel and is trying to turn down
I would say it is trying to break through upwards, but it might pull back ))) It has been trying for 2 times, now it may try for the 3rd time
I would say it is trying to break through upwards, but it could also go backwards )))) 2 attempts have been made, now will probably go to the 3rd
it may take the help of the Americans to help (down)... I think they will help, I really hope so...
The feeling is that the banks are not selling the yen for the dollar, but for the eu. The Canadian bank and the Fed intervened, but the USDJPY did not move, it only went down a bit. What a load of bullshit.