USD/JPY massively plummets

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Source: Dukascopy Bank SA


The USD/JPY currency pair was surging in the aftermath of the US rate hike on Thursday morning. However, at the time of the analysis the pair suddenly plummeted from 145.90 down to the low levels below 142.50 in less than 20 minutes. At the time of writing the reason for the apparent fundamental drop could not be identified, as the only ongoing scheduled event was the press conference of the Swiss National Bank.

In general, set technical analysis aside for now and watch the news flow and comments from the Bank of Japan, which has recently made dovish statements that should have caused a drop of the JPY. It could be that among the official statement of the bank there are clues about a system, which would stop the Yen from declining.

Update: It has been reported that for the first time since 1998, the Bank of Japan has intervened in the currency market with direct transactions. The central bank operation has been confirmed by the bank's representative Masato Kanda, who stated "We have taken decisive action in the exchange market."
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