Just had a fall to 77.38 as Europe opens and talk on the street is that yesterday’s stops under 77.50 have been matched by a raft of bids ahead of 77.00 possibly/likely semi-official (Kampo) .
Recent comments from Fin Min Azumi that Japan stands alone in intervention not helping…
NB. Some talk in Asia that BOJ is no longer loading the trading machines with bids, preferring to use “stealth” buying through some private banks.
Bounce was poor though and it appears there are offers now at 77.50/55 , Large sell stops await a break of 77.00.
We’re at 77.44 now
