I am not smart enough to know all the ways that meddling in the market fails so I am not going to comment on the G-7 and their attempt to stifle the yen's rise. However, sticking purely with the charts, you would expect a rush to sell yen to push up the prices of currencies used to sell it. Aussie, Euro, Swissie, Loonie and even the Swedish Krona are all higher this morning.
But the US greenback is lower. Either the US forget to get in there to sell yen and buy dollars or the dollar is really in lousy shape.
Yes, I understand that if all the other currencies are being bought vs. the yen then they go up and in comparison the dollar falls. But this does not feel right. The dollar index is closing in on its November 2010 low and has already broken a MONTHLY triangle to the downside.