BoJ intervenes for second time to weaken yen

The Bank of Japan reportedly intervened for a second time this week on Thursday afternoon in a bid to weaken its currency.

At approximately 12:28GMT, the BoJ intervened in the dollar/yen, sending the currency pair immediately higher by 250 pips in one minute, from 111.25 to over 113.0.

According to Digital Look's technical analyst Jose Maria Rodriguez, the intervention took place as the dollar/yen was nearing technical support towards 110.0 yen, with the next and clearest level of support coming in at between 105.30-105.40.

First signs of any Japanese intervention as #USDJPY soars 250 pips in 1 minute #forex pic.twitter.com/OkvtBiTOMd

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"It's hard to pinpoint clear areas of support when prices are falling with such speed," Rodriguez said.