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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Please ensure you fully understand the risks involved. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Please ensure you fully understand the risks involved.

Suspected BOJ intervention pushes EUR/JPY, USD/JPY down while AUD/USD rallies

​​​Suspected BOJ intervention following a softer US CPI print on Thursday pushes EUR/JPY, USD/JPY down while AUD/USD rallies.

USD/AUD chart Source: Adobe images

​​​EUR/JPY short-term topped out

EUR/JPY has rapidly come off Thursday's ¥175.42 multi-decade high and so far dropped to ¥171.51, a level above which it is trying to hold as the Bank of Japan (BoJ) is suspected to intervene in the currency markets. Failure there and at the 24 June high at ¥171.44 would put the ¥170.00 region back on the cards.

​Minor resistance can now be found at the 8 July low at ¥173.51 ahead of the ¥174.74 August 1992 peak.

EUR/JPY chart Source: TradingView.com
EUR/JPY chart Source: TradingView.com

​USD/JPY takes a huge hit

USD/JPY got close to its ¥161.95 early July high before falling out of bed to ¥157.42 where the 55-day simple moving average (SMA) acted as support amid suspected BoJ currency intervention.

​Further range trading above Thursday's low at ¥157.42 is expected to be seen on Friday with minor resistance spotted at the 24 June high at ¥159.93 and the 28 June and 8 July lows at ¥160.26.

USD/JPY chart Source: TradingView.com
USD/JPY chart Source: TradingView.com

​AUD/USD trades in 7-month highs

AUD/USD has so far risen to $0.6798, above which lies the 22 December high at $0.6825. Upside pressure should be maintained while the 9 July low at $0.6724 underpins.

AUD/USD chart Source: TradingView.com
AUD/USD chart Source: TradingView.com

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