The consensus from players we’re spoken to the this morning is that it was a many “flash crash” sort of move in USD/JPY last night, not intervention. We’ve not heard exactly who or what happened but we’ll keep our ears open for details.
It used to be rogue traders who blew up markets. Now its rogue algos…
Offers are seen toward 80.80 on rallies near-term while bids are still said to be heavy toward 80.20, down to 80.00 where barriers remain in place.
