Strong demand seen in USD/JPY around 79.50 with more at 79.40 and stops below. Some intraday offers but nothing notable until the European highs, which are out of striking distance.
EUR/JPY is a major factor as stops below 1.0160 were tripped down to nearly 101.00, where there is strong demand and stops below.
Given the GDP numbers out of Japan and the relatively orderly decline in USD/JPY so far, the market is not on high alert about MOF intervention. The earlier think-tank report also makes traders think the BOJ is on the sidelines. Given the support levels, however, a bounce is more likely here than further selling.
Update: So much for the demand and there go the stops.
