Bids are seen staggered down to the 78.00 level, traders report. There seems to be relatively little interest to sell USD/JPY for fear of BOJ intervention but the eroding situation in Europe has traders willingly dumping the cross.
Protection of 1.2050 barriers, if it prevails, could help limit losses in the cross near-term. IF 1.2050 doesn’t break, trimming shorts may be the way to play.
