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Japanese Yen mounted a strong comeback in Asian session today after initial dip through 160 psychological support against Dollar. While the moves are exaggerated by today's thin trading volumes due to public holiday in Japan, the strong rebound is marked by widespread squaring of short positions. Traders are clearly on guard against intervention by Japanese authorities and opt for taking profits first. For now, there is no definitive signal of trend reversal yet. But Yen will likely enter a period of consolidation as the market anticipates the next significant move.
Roger J. Kerr says the RBA needs to rethink its approach to taming inflation, US economic grows slows, and the Japanese have been restrained so far on intervention on behalf of the yen