The Japanese Yen plummeted today morning in the early Asian session as a result of the Japanese intervention by the finance minister Noda by selling their own currency. This comes at a time when the SNB(Swiss National Bank moved to weaken its safe heaven Franc by narrowing its interest band.
As a result we have seen the yen loose ground especially against the GBP by more than 300 pips by early morning GMT+3 on our side. You wish you were awake!!!!.The patterns leading to this bullish momentum were clear on both pairs on a technical standpoint.
An indecision candle and a bullish candle from the support indicating some some bullish momentum from the bottom end. i think it was evident that the Japanese would intervene, they have done it before so many times and it was about time. They don't like a strong Yen.
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