Is There a Hidden Hand Defending USDJPY 140?

The Hidden Hand in USDJPY

The USDJPY bounce from a new low had me thinking perhaps there is a hidden hand protecting the major 140.21 low and pivotal 140 level. What I mean by hidden hand is either the BoJ or one of its surrogates.

This is not the same type of  currency intervention that occurred when USDJPY was climbing to 3+ decade highs approaching 162, which was a (successful) effort to cap the upside. This type of intervention, if in fact it occurred, was designed to smooth the move, meaning nit to reverse it but prevent it from turning into another freefall.

Source: The Amazing Trader

I had a discussion with the Savvy Trader about this and we had differing views. For me, it was logical for a central bank to keep its currency trading orderly. He saw it differently as he explained in the following:

I can tell you emphatically that having successfully defended the 156 and then 162 level, they actually could not care less about the rate of descent, they just want to go into the end of the year with yen strengthening

They will not slow/smooth the rate unless the market becomes disorderly and that is unlikely until we breach 128 where there are two levels to beware of 120-122 and 110-112

They would prefer to have the exchange rate do the work that normally would happen with interest rates.

Whatever the case, it would take repeated failures to breach 140 to raise talk of a hidden hand.