We are again looking for semi-official bids around 89.00 in USD/JPY today. They were around last week and we have no reason to doubt they won’t be there today if that level is tested. A word of caution however – this is not the market to rely on central banks to save your bacon. Big flows are around and liquidity is a problem. So whilst we do expect to see strong bids at 89 the figure, that does not mean for a second it holds if tested.