
USD/JPY IS APPROACHING A VERY DANGEROUS LEVEL.
The pair hit 163.807 today.
It is rapidly approaching the 164 level that JPMorgan and Credit Agricole say Japan won't let the yen fall past.
Japan's Ministry of Finance still has enough reserves for more than 15 further interventions at the scale of April and May, and hasn't used them yet.
With the speed of this move, it looks like we are very close to a massive yen intervention.
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