I just report ‘em kids, so don’t kill the messenger: there is a rumor that Japanese banks have been told to prepare for intervention tonight.
Even the dysfunctional BOJ is not stupid enough to let the cat out of the bag before intervening…You want the market unprepared, to maximize the effect…
Sounds very fanciful to me…
USD/JPY did rally this morning on rumored BOJ rate checking and bounced again after the Bank of Canada decision as hedge funds bought CAD/JPY. Small stops are seen above the 84.05 level.
