Nikkei is reporting that:
- US Treasury Department has told currency market participants to prepare for a potential additional intervention following Thursday’s action by Japanese authorities to support the JPY.
Yesterday, the price fell from about 163.30 to a low near 158.00 before snapping back higher and reaching the 50% midpoint of yesterday’s trading range near 160.864. The price has since been trading with increased volatility between that level and 158.50. The 38.2% retracement of the move up from the May low at 160.560 is also a shorter-term resistance level. In between 6100 day moving average at 160.068.
This article was written by Greg Michalowski at investinglive.com.