It started with exporters and the moves picked up momentum on the fall through 77.00 to lows of 76.70 just now.
Heard some stops were triggered down through 102.00 in EUR/JPY as well which is adding to the overall heaviness in USD/JPY, but the earlier mentioned bids 76.70/80 are so far checking the fall ahead of better support at 76.50
Japan’s Fin Min Azumi has also been on the Fuji television recently saying the yen has become a target for speculation and that Japan is ready to intervene if necessary.
USD’s at 76.77 with EUR/JPY at 101.90
UPDATE: We’re back up in the 76. 80’s again and a friend has just told me that there are large bids sitting down at 76.60/70 as well now. Can’t help thinking that maybe they could be semi-official, but I’m unable to confirm this.
