USD/JPY has already rallied over 120 pips from overnight lows (and now a possible double-bottom) below 76.30. There is plenty of speculation that the MoF will order some intervention today but personally I think this is unlikely. The verbal intervention will certainly be ratcheted up but I don’t think we will see any direct intervention unless USD/JPY goes into freefall below 76.00. Then they may well step in to try and slow down the fall.
Sell orders are still noted in reasonable size at 78.00 and 78.20.
