There has been choppy price action in USDJPY after it briefly traded above 150 after stronger US jobs data. The Japanese Finance Ministry has been vocal in the last couple weeks so the market seems to be increasingly nervous about potential intervention in the spot market. It's unclear whether this nearly 300-point move lower was caused by intervention given there's been no official statement. But when comparing price action to last year's interventions, this looked somewhat different and more like a lack of rational behaviour. That does not mean intervention is not on the table and this should shake the market to a degree; i.e. rallies might have less room. 147.30 is the low on this run down (EURJPY 154.39) which will be closely watched now. Topside 149.60-70 the first sell zone. - UBS Strategy
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