The BOJ will be very well aware that the 61.8% retracement of the big rally from 76.00 to 84.15 comes in at 79.10. They are much more likely to conduct their stealth buying at such important levels, as they know that a bearish break could increase momentum significantly.
What’s also of interest here to me is the very heavy selling which Japanese corporates did above 80.00 and again near 80.50. They usually have a close relationship with their central bank so to see them selling heavily does put some doubt in my mind as to whether the BOJ will actually turn up?
We might find out today.
