There’s also a load of cross buying going through at the moment I’m told by a very reliable source.
Offers are sitting up ahead of 78.30 (high so far has been 78.15) and there are buy stops just above, ahead of further offers at 78.40/50 protecting barriers at 78.50.
Offers are from a mutltitude of names including custodials, US money center banks and major Japanese corporates, but I expect pressure to keep on the topside if we can hold and close above the 200 day MA at 78.05. My reservations are that were only up here after the BOJ’s easing overnight
USD/JPY’s at 78.10
