USD/JPY is grinding higher as the market liquidates long currency positions en-masse.
The 10-day moving average at 81.87 could be a hurdle for a further rally. Offers are seen just above that level from Japanese exporters.
It was interesting to note an article in the Nikkei overnight that exporters have lowered their expectations for the USD/JPY over the next six-months to 80/85 from around 90, if memory serves.
Don’t expect the BOJ to do anything clever like giving the market a boost while it is on the rise…That would make too much sense.
