Given the fundamental reasons for a higher USD/JPY, such as the divergence in monetary policy, the market is likely to be aiming for much higher levels. The larger moves in the last few hours after the level was breached support this view.

It is also possible that this is just a new confusion tactic by the MoF. It is possible that the MoF will only intervene at higher levels. This would probably significantly increase the losses of market participants. However, given the large number of confusing decisions by the BoJ and the Japanese Ministry of Finance (MoF) in recent months, such a tactic would no longer surprise me.

But one thing is for sure, the next few days are going to be exciting.