The pair just briefly dropped from 159.60 to 158.75 before stabilizing at levels between 159.15 and 158.75 once again.
There were jerky price moves similar to this throughout the rise towards 155.00 earlier, leading up to the latest intervention. But in the end, it resolved with a break higher, and Tokyo intervened at 160.00.
Even though prices have increased since last week, they are still not very unpredictable. Therefore, I wouldn’t argue that Japanese authorities are now feeling particularly forced to step in.
All of this is essentially the same nervousness that is causing profit-taking as the crucial level approaches.
