USD/JPY 10m
Verbal intervention isn’t what it used to be.
There was a time when tough talk from Kanda was worth +150 pips and some serious reconsideration of positions. Today, he pushed all the buttons and the market isn’t impressed.
After a 35-pip dip, there has been a rapid turnaround to a session high. The one line that might have emboldened longs was when he said they “don’t have specific levels in mind.” That may have been a hint that 160 doesn’t matter.
At the same time, he ticked all the boxes in saying moves have been speculative and one-sided so you need to have some real cohones to chase this rally.