Japan’s finance minister Katayama says:
- Seeing speculative moves in the financial markets
- volatility in oil prices is affecting Forex market
- Told G7 we needed to take action to correct global imbalances.
- We need to address risks regarding Mythos
- Told G7 that we should be united against China’s export control of critical materials.
- Need to closely monitor financial markets
- No comment on whether Japan intervened in the FX market.
- Japan will take appropriate action against Forex volatility
The USDJPY remains near the middle of the 158.00 – 160.00 swing area that confined most of the trading going back to March 11 through April 29. Since the tumble lower on April 30 on speculation of intervention, the price remained below that area until last Thursday. On Friday the price based against the high of a swing area near 158.23, and today the moment took the price up to a high of 159.08.
Traders will be looking for a break either of the 160.00 level on topside or a break below support at 158.00 on the downside
