A painful 20 point range this morning in Europe with most of the session spent sitting around 78.10 There are bids from 77.80/95 ( 100 day MA at 77.82 and session low so far 77.94). Talk of sell stops now sitting down through 77.75.
On the flipside there’s offers from exporters at 78.50 scattered up to 79.00. Above here are stops up through 79.55 ahead of the 200 day MA at 79.87.
Also barriers at 79.80 and 80.00 should we get some further intervention.
Looks a little improbable at the moment taking into account recent comments from the BOJ that yen strength is likely to resurface on the back of escalating EU worries.
USD/JPY slumbers around 78.07
