The USD/JPY pair fell hard on Thursday as traders continue to look for safety assets, of which the Yen is considered one. The pair is supported by the Bank of Japan, and words were released reminding the market of this on Thursday as well. This would make us extremely wary of shorting this pair, although it certainly looks very bearish at this point. Because of this, we are not trading this pair at this point, as the intervention that the FX markets seem to be egging on could be dangerously close. However, you cannot buy just hoping the BoJ will do it. It is much more prudent and wise to simply walk away from this pair at the moment.
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