Recent pace of yen fall makes intervention less likely – former top currency diplomat

<ul><li>Recent pace of yen fall has been grindy</li><li>That makes imminent intervention by Tokyo less likely</li><li>Authorities will not intervene to target a certain yen level</li><li>When yen moves are gradual, as is the case now, intervention won't have much effect in turning the tide around</li></ul><p>Even so, those shorting the yen at these levels will continue to be extremely wary of overstepping the 150.00 mark at least for now. It's a key psychological barrier in itself, not least when that was where Tokyo stepped in during October last year. At this stage, USD/JPY bulls will be hoping that they can get by this "security check" without setting off the alarm.</p>

This article was written by Justin Low at www.forexlive.com.