MUFG opens long AUDJPY at 111.20, targets 114.50 as yen intervention debate builds

MUFG has opened a new long AUD/JPY position at 111.20, targeting 114.50 with a stop at 109.20, arriving alongside the bank's broader assessment that yen direction will ultimately be driven by fundamentals rather than by the joint US-Japan intervention effort. ---MUFG is betting that yen intervention will prove a temporary headline rather than a lasting driver, and is expressing that view through a fresh long AUD/JPY position. Summary:MUFG has opened a new long AUD/JPY trade idea at 111.20, with a target of 114.50 and a stop loss at 109.20. A review of past joint intervention episodes in 1995, 1998 and 2011 shows USD/JPY breached initial intervention levels each time before a genuine fundamental shift, not the intervention itself, eventually turned the pair. MUFG has opened a new long AUD/JPY trade idea, entering at 111.20 with a target of 114.50 and a stop loss set at 109.20.