BOJ Intervenes as USDJPY Plunges to July Lows
The Bank of Japan (BOJ) seems to have finally taken action, intervening in the foreign exchange market after a sharp move lower in the USDJPY pair.
The USDJPY is now trading at levels not seen since July, with prices approaching the July low at 160.446.
Breaking below both its 200-hour moving average and an upward-sloping trendline near 163.36 provided Japanese officials with an opportunity to reinforce the move if intervention remained a consideration.