After a few brief flurries, the major pairings are back to where we started 4 hours ago.
The next move we’re likely to see will be the closing out of any positions built up over the course of the week. This might see USD/JPY pressured a bit lower as my sense is that the speculative market has been trying to buy USD/JPY in expectation of intervention. As this hasn’t arrived, and looks unlikely to, we might see one more sell-off of stale USD/JPY longs.
