<p>關於日元貨幣，我們已經説過的沒有太多其他要補充的。儘管日本財務省最近的干預努力，鬥爭仍在繼續，我們開始看到交易者再次挑戰東京官員的底線。昨天美元/日元略微下跌，但很快又反彈了。</p>
<p>現在，我們開始看到該貨幣對重新接近 158.00 的關口，測試上週日本財務省干預的水平：</p>
<p>今天的情況與前一天沒有什麼不同。背景是：日元再次開始貶值，東京官員會介入嗎？</p>
<p>正如之前提到的，日元仍然受到壓制，主要是由於極其看跌的基本面因素。而隨着美國與伊朗戰爭的持續，油價居高不下，前景並不樂觀。</p>
<p>因此，問題就留給了日本財務省在 4 月底展示了他們的意圖後，究竟有多大的意願與市場抗衡？</p>
<p>就我個人而言，我覺得他們本可以在再次干預之前更好地等待日本市場的假期。但最終，他們還是選擇在流動性較低的情況下進行干預。對我來説，這是他們的一個錯誤，即使這讓他們節省了一些彈藥。</p>
<p>然而，這樣做的代價是信號不佳和後續干預效果的減弱。除非他們加大進入市場的規模。</p>
<p>隨着美元今天保持強勢，這對貨幣對將獨立於美元情緒而行動。日元正處於自己的掙扎空間，唯一的風險因素是日本財務省何時決定再次干預。</p>

日元指數 ETF - CurrencyShares

2 倍做空日元 ETF - ProShares

2 倍做多日圓 ETF - ProShares

彭博美元指數 做多 - WisdomTree

<p>美元/日元貨幣對正接近 158.00 的關口，因為本週美元依然強勁。儘管日本財政省（MOF）最近進行了干預，但日元仍然在看跌基本面下掙扎。交易者正在測試東京官員的底線，質疑財政省是否有進一步干預的意願。近期在流動性較低的情況下進行的干預可能削弱了其有效性，市場也在猜測財政省何時會再次採取行動，而美元則保持堅挺</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>關於日元貨幣，我們已經説過的沒有太多其他要補充的。儘管日本財務省最近的干預努力，鬥爭仍在繼續，我們開始看到交易者再次挑戰東京官員的底線。昨天美元/日元略微下跌，但很快又反彈了。</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>現在，我們開始看到該貨幣對重新接近 158.00 的關口，測試上週日本財務省干預的水平：</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>今天的情況與前一天沒有什麼不同。背景是：日元再次開始貶值，東京官員會介入嗎？</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，日元仍然受到壓制，主要是由於極其看跌的基本面因素。而隨着美國與伊朗戰爭的持續，油價居高不下，前景並不樂觀。</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，問題就留給了日本財務省在 4 月底展示了他們的意圖後，究竟有多大的意願與市場抗衡？</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>就我個人而言，我覺得他們本可以在再次干預之前更好地等待日本市場的假期。但最終，他們還是選擇在流動性較低的情況下進行干預。對我來説，這是他們的一個錯誤，即使這讓他們節省了一些彈藥。</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，這樣做的代價是信號不佳和後續干預效果的減弱。除非他們加大進入市場的規模。</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>隨着美元今天保持強勢，這對貨幣對將獨立於美元情緒而行動。日元正處於自己的掙扎空間，唯一的風險因素是日本財務省何時決定再次干預。</p>
</div>

美元/日元匯率回升至接近 158.00，因為本週美元表現堅挺