BOJ VERBAL INTERVENTION: My playbook AUD/JPYOANDA:AUDJPYjohnelfedforexblogIt was inevitable some point but the BOJ has hit back with fairly strong intervention warnings. Giving the JPY a bout of strength as traders take profit from recent short JPY positions, rendering today's reasonably positive US data as moot. Simultaneously, the S&P came under pressure, also 'likely' a bout of profit taking, the 'tell' being the VIX hasn't risen above 20 and there has been no 'scary' headlines. There is a case to say trade the JPY post 'verbal intervention' strength. It's a difficult case to argue against as any long JPY trade from today's European session until now would have likely hit profit. My issue is that I think the JPY strength could reverse at any moment and I prefer to stick to the play book of waiting for the strength to subside and create support before going again with another JPY short trade, preferably with the S&P simultaneously recovering. Which is the situation I currently find myself in.