The pair is down over 90 pips in a drop back to just below the 157.00 level. The timing seems to fit, with it being a Japanese market holiday and the last two attempts also came as we got into the period between Asia to the start of European trading.

That said, the previous attempts seem to came closer to when the pair moved above the 157.00 mark. This time around, USD/JPY had been running higher to near 158.00 before being struck down now.

Despite the numerous attempts by Japan’s MOF, the intervention plays since last week have been losing effectiveness. That especially since the fundamental factors continue to work against the yen in overwhelming fashion.

The question then becomes how much cash are they willing to throw at the issue to try and make it stick. It’s a really tough one considering the economic backdrop at the moment though.

The big hope that Tokyo officials are banking on right now is that the US-Iran conflict settles down and that will alleviate pressure off the Japanese economy. Otherwise, they will continue to be up against a big tidal wave in trying to convince traders not to keep selling the yen.