Traders say the number being bandied about the market this afternoon is that the BOJ has intervened to the tune of $20 bln.
It will be interesting to see how they play it going forward. Will they try and squeeze the market further and set off a self-sustaining recovery or will they play a game of cat and mouse, protecting certain levels while trying to take the downside out of play.
If they continue to intervene and try to push prices above the downtrend in place since April, then they are playing hardball. If they begin to pullback, we can guess they are more concerned with keeping 80/82 off the table in USD/JPY than they are in significantly weakening the currency.
