Market chat at present is that is a good day to take profits on short Yen positions with the BOJ meeting today and tomorrow. So far, price disagrees, the USD/JPY continuing to tick higher in pre-Tokyo trade as I type. Expect some offers to firm up, though, as Tokyo becomes more active over the next hour.
- 85.00
- 84.90
- 84.40 through 84.50 (talk is of barrier interest at 84.50)
Downside:
- 84.05/10 Initial bids on the day
- 83.90/95 Better interest here, with stops below.
