Arbitrageurs are rebuilding their short positions in the yen, with the USD/JPY pair possibly testing 162 again.

Arbitrageurs are rebuilding short yen positions, pushing USD/JPY to 159.43. Market sentiment suggests a potential retest of the 162 level, which could trigger fresh intervention concerns if breached.

The effectiveness of interventions is under question, as arbitrageurs take advantage of the rally to rebuild their short positions in the yen, pushing the USD/JPY rate back up to 159.43. Market sentiment suggests that this currency pair may test the 162 level once again. If the exchange rate breaks through the 162 mark, it could spark new concerns over further intervention.