On May 1st, we saw USD/JPY plunge nearly 500 pips from its daily high in what is thought to have been the second intervention from the MOF. While one could argue this goes against fundamentals and that it is futile for a central bank to fight them, it can also be said that their objective was achieved: to slow the decline of the yen. However, this doesn't prevent market forces from establishing key levels of their own. This past week, 157 appeared to be the latest self-imposed glass ceiling for USD/JPY, until we saw a daily close above it on Tuesday. The daily chart shows a bullish engulfing day that closed above a ... (full story)