The yen surged after Japan intervened for the second time in a month. A fall below 146.70 forced some buyers to bail out but has barely dented the bullish bias. The overall rally had accelerated after it broke above September’s high at 145.00. A bullish MA cross on the daily chart is a sign of increasing momentum and buyers would rather see the pullback as an opportunity. 143.50 next to the 20-day moving average is a fresh support, and a close above 148.30 would carry the pair to December 2014’s high at 149.70.
