It was another breakout in USD/JPY today as the pair pushed through the 160.00 handle. That was the price that was defended by the BoJ in late-April, leading to an 800+ pip sell-off in the week that followed. Support eventually showed at prior resistance, on the morning of NFP in early-May, and that led into a rally that saw those 800 pips clawed back by bulls which led into this morning’s breakout. Interestingly the US morning began with threats of intervention from Masato Kanda of the Japanese Ministry of Finance, and one might even be able to say that those comments helped to provoke the move. Kanda stated that he ... (full story)