I warned earlier that it was a dangerous game being long USD/JPY in the 13th straight day of gains.

Here we are. USD/JPY touched 148.98, which is nearly 300 pips off the earlier high. This clearly looks like intervention from the Japanese Ministry of Finance.

Naturally, that’s also putting a squeeze on the market and we’re now minutes away from the London fix, which could add to the volatility.

Update: and it’s right back above 150.00. These are wild moves.