<p>关于日元货币，我们已经说过的没有太多其他要补充的。尽管日本财务省最近的干预努力，斗争仍在继续，我们开始看到交易者再次挑战东京官员的底线。昨天美元/日元略微下跌，但很快又反弹了。</p>
<p>现在，我们开始看到该货币对重新接近 158.00 的关口，测试上周日本财务省干预的水平：</p>
<p>今天的情况与前一天没有什么不同。背景是：日元再次开始贬值，东京官员会介入吗？</p>
<p>正如之前提到的，日元仍然受到压制，主要是由于极其看跌的基本面因素。而随着美国与伊朗战争的持续，油价居高不下，前景并不乐观。</p>
<p>因此，问题就留给了日本财务省在 4 月底展示了他们的意图后，究竟有多大的意愿与市场抗衡？</p>
<p>就我个人而言，我觉得他们本可以在再次干预之前更好地等待日本市场的假期。但最终，他们还是选择在流动性较低的情况下进行干预。对我来说，这是他们的一个错误，即使这让他们节省了一些弹药。</p>
<p>然而，这样做的代价是信号不佳和后续干预效果的减弱。除非他们加大进入市场的规模。</p>
<p>随着美元今天保持强势，这对货币对将独立于美元情绪而行动。日元正处于自己的挣扎空间，唯一的风险因素是日本财务省何时决定再次干预。</p>

日元指数 ETF - CurrencyShares

2 倍做空日圓 ETF - ProShares

2 倍做多日元 ETF - ProShares

彭博美元指数 做多 - WisdomTree

<p>美元/日元货币对正接近 158.00 的关口，因为本周美元依然强劲。尽管日本财政省（MOF）最近进行了干预，但日元仍然在看跌基本面下挣扎。交易者正在测试东京官员的底线，质疑财政省是否有进一步干预的意愿。近期在流动性较低的情况下进行的干预可能削弱了其有效性，市场也在猜测财政省何时会再次采取行动，而美元则保持坚挺</p>

<p>There's not much else to say that we haven't said already when it comes to the yen currency. The struggle continues despite the MOF's latest intervention efforts and we're starting to see traders push the limits of Tokyo officials once again. There was a bit of a minor shove lower yesterday in USD/JPY but not before quickly bouncing again.</p>
<div class="lb-trans"><p>关于日元货币，我们已经说过的没有太多其他要补充的。尽管日本财务省最近的干预努力，斗争仍在继续，我们开始看到交易者再次挑战东京官员的底线。昨天美元/日元略微下跌，但很快又反弹了。</p>
</div><p>Now, we're starting to see the pair close back in on the 158.00 mark as we test the levels of where the MOF intervened last week:</p>
<div class="lb-trans"><p>现在，我们开始看到该货币对重新接近 158.00 的关口，测试上周日本财务省干预的水平：</p>
</div><p>The situation today is no different from what it was the day before. For some background: Japanese yen starting to slip away again, will Tokyo officials step in?</p>
<div class="lb-trans"><p>今天的情况与前一天没有什么不同。背景是：日元再次开始贬值，东京官员会介入吗？</p>
</div><p>As mentioned then, the yen continues to be pinned down by overwhelmingly bearish fundamental factors. And with oil prices sitting higher as the US-Iran war drags on, there's not much reprieve in sight.</p>
<div class="lb-trans"><p>正如之前提到的，日元仍然受到压制，主要是由于极其看跌的基本面因素。而随着美国与伊朗战争的持续，油价居高不下，前景并不乐观。</p>
</div><p>So, that just leaves the question of how much appetite does the MOF have in wanting to fight against the market after having shown their hand at the end of April?</p>
<div class="lb-trans"><p>因此，问题就留给了日本财务省在 4 月底展示了他们的意图后，究竟有多大的意愿与市场抗衡？</p>
</div><p>Personally, I feel that they could've done a better job in waiting out the Japanese market holiday period before intervening again. But alas, they ultimately decided to intervene during low liquidity conditions. That for me was a mistake on their part, even if it managed to save them some ammunition.</p>
<div class="lb-trans"><p>就我个人而言，我觉得他们本可以在再次干预之前更好地等待日本市场的假期。但最终，他们还是选择在流动性较低的情况下进行干预。对我来说，这是他们的一个错误，即使这让他们节省了一些弹药。</p>
</div><p>However, the price to pay for that was poor signaling and diminishing effectiveness on further intervention moves. That unless they step up the scale in which they are going to enter the market.</p>
<div class="lb-trans"><p>然而，这样做的代价是信号不佳和后续干预效果的减弱。除非他们加大进入市场的规模。</p>
</div><p>As the dollar keeps firmer so far today, this is one currency pair that will act on its own regardless of dollar sentiment. The yen is in its own struggling space and the only risk factor in play is when the MOF will decide to intervene next.</p>
<div class="lb-trans"><p>随着美元今天保持强势，这对货币对将独立于美元情绪而行动。日元正处于自己的挣扎空间，唯一的风险因素是日本财务省何时决定再次干预。</p>
</div>

美元/日元汇率回升至接近 158.00，因为本周美元表现坚挺