Maybank analysts say USD/JPY breaching 162 raises intervention risk — 162 is
viewed as a critical trigger level. They say it is unclear whether intervention
is imminent or underway, though Japanese officials have issued warning
statements. Maybank is monitoring for sharp FX volatility that could accompany
intervention and notes Japan’s deposits and securities holdings are
substantially larger than the roughly $74bn spent in the prior intervention.
Maybank cites 162.00 as the near-term pivot; a break would put 164.00 next
resistance, with support at 158.00 and 155.00.
