The market chatter now is that Abe’s government is targeting 85 – 90 as the range for USD/JPY, giving us another reason to temper thoughts of a continued rally in USD/JPY. there was a very interesting article in the FT that in part discussed the change in tone of the comments coming from Japanese Government Ministers – which is what gave us the trigger for the USD/JPY sell-off yesterday.
Topside:
- 89.35/45
- 89.00/10 is initial selling for today
Downside:
- We said yesterday that 88.30/40 had bids, just slightly adjusting that today to 88.25/35, which is basically the area of the overnight low (88.28).
- 87.90/88.00
