Dealers are paying close attention to the poor earnings from Toyota overnight and the appeal for intervention from the head of Honda, and fear the Japanese government may succumb to those demands. Remember, the G7 gave the Japanese the green light for intervention in the wake of the G7 meeting in Washington last month.
USD/JPY is quite well bid in Us morning trade, moving to fresh intraday highs at 98.66 as we write despite still soggy stock markets. 99.35/40 is next resistance of note for the choppy dollar.
