and finally the BOJ intervenes

[jasonjm]

16:00 PST, 100 pips vertical

[jasonjm]

BTW Iadded to my yen short position after that spike hehe, at about 112 (long term position)

SL 115.50
TP 95 (max of 105, depending)

[jasonjm]

er i dont make sense

i meant to say I was selling USD, buying JPY

I hope everyone realized that from my SL and TP

anyways, added position is up 80 pips already, the BoJ is losing control.

[jasonjm]

well, the BOJ is getting really aggresive now, 7:30am - 8am PST

I shudder to think how many billions this effort must have cost them....

The fundamentalists would argue that the BoJ is just throwing money away, the market will go where its going..... but that was some massive intervention this morning, almost 200 pips

looks like they are definitely defending the 110 level.....

[James]

This from FXCM Gold service:

FOR THE FIRST TIME THIS YEAR THE MOF/BOJ CONFIRMS INTERVENTION THROUGH
THE FED (14:45 GMT) . LAST NIGHT'S RELEASE OF THE INTERVENTION DATA FOR
THE FIRST HALF OF September IS THE LARGEST OF RECORD ...
JPY4.47TRL(APPROX $37BLN)....110 IS NOW CLEARLY THE "LINE OF DEFENSE"

[jasonjm]

hah!

I bought yen again at the top of this spike, close to 112 again.... took profit on this "extra lot" at 111.30 though

risky game for sure, but is their source of money truly infinite?

the nasdung is crashing today, this is just going to kill the US dollar, everything is going wrong at the same time:

low interest rates
massive trade deficit
nasdung giving back the $$$
japans economy starting to look better


I still maintain usd/jpy 95, unless there is massive continued intervention - wow - largest intervention on record - and that is only for the first half of sept!!

right now im pretty sure the fed is busy pumping money into the dow and nasdung. very busy day for the manipulators. If the Dow falls under 9000, oowwwiiieee

Just set another YEN buy limit order @109.70