USD/JPY keeps on climbing, nears the October 2022 spike high

<p>The last time USD/JPY rose this high, it was beaten back by 700 pips within 24 hours.</p><p>It will be a high-stakes game when Tokyo returns today. The ministry of finance often warns against one-sided moves and that's exactly what we've seen today with USD/JPY up 250 pips to 151.60.</p><p>Eyes are on 151.94, which was the high in October 2022 and the level that triggered intervention then, leading to a fall to 145.41 the next day and down to 128.00 in the following 10 weeks.</p><p>Now the MoF might be incline to leave some extra leeway in USD/JPY today given the fundamental news but I certainly wouldn't bet the house on it. </p><p>The better trade now might be to wait for Tokyo to arrive and buy a dip if intervention happens. </p>

This article was written by Adam Button at www.forexlive.com.