Support information for customers, including how to open an account, how to use the trading tools, and a collection of QAs from the help desk.

Recommended for beginner!

arrow
Account Opening Account Opening Account Opening

Detailed explanation of everything from how to open a real account to the deposit process.

arrow
MetaTrader4/5 User Guide MetaTrader4/5 User Guide MetaTrader4/5 User Guide

The most detailed explanation of how to install and operate MetaTrader anywhere.

arrow
FAQ FAQ FAQ

Do you have a question? All the answers are here.

Coming Soon

arrow
Glossary Glossary Glossary

Glossary of terms related to trading and investing in general, including FX, virtual currencies and CFDs.

Features Features Features
arrow
Promotion Promotion Promotion
arrow
Partner Partner Partner
arrow
Trader's Market Trader's Market Trader's Market
arrow
bg

2024.04.29

[April 29] Has currency intervention finally occurred? USDJPY plummets more than 500 pips immediately after reaching 160-yen range

good

This article was : 

published

updated

Recap of previous trading day (April 26)

On Friday of last week, the USDJPY opened in the 155-yen range and continued to rise all day towards the close, surging to hit a high of 158.44.

At the Bank of Japan Monetary Policy Meeting on that day, the BOJ, as expected, decided to leave its policy rate unchanged.

Recap of the Tokyo market and outlook going forward

Today the USDJPY started trading by gapping down by around 50 pips at the open, but this was quickly filled and the price subsequently continued to rise. Although the price broke into the 160-yen range at around GMT 01:35, this turned out to be the peak and the price began to plunge. By a little after GMT 05:00 the decline from the highest point had exceeded 500 pips, but it is unclear whether this slump in the price was caused by currency intervention.

Looking at the 1-hour chart of the USDJPY (as of GMT 06:50 on April 29), the price plunges from the +2 standard deviation Bollinger Band through the -2 standard deviation without a pause.

page_image page_image

(20-period Bollinger Band, showing ±1 and ±2 standard deviations)

There are no closely watched economic indicators or comments by influential individuals today.

Was this article helpful?

thumb_down No
thumb_down Yes

0 out of 0 people found this article helpful.

Thank you for your feedback.

Send